Octubre 16, 2021

Sharks, Meet Chefs: Discovery To Buy Scripps, Acquiring Food Network And HGTV

01 Agosto 2017, 10:11 | Azura Castelo

Discovery Communications has bought Scripps Networks Interactive. owner of HGTV and the Food Network. Andrew Harrer Bloomberg

Discovery Communications has bought Scripps Networks Interactive. owner of HGTV and the Food Network. Andrew Harrer  Bloomberg

A Discovery Communications spokeswoman said Monday afternoon that there were no decisions on office locations since the company announced a $14.6 billion deal to acquire Scripps Networks Interactive, the owner of channels such as HGTV, Food Network and Travel Channel.

The combined company will have nearly 20 percent of the ad-supported pay-TV viewership in the USA, according to the statement.

After the transaction is completed, Scripps' shareholders will own approximately 20 percent of Discovery and Discovery's shareholders will own approximately 80 percent. Discovery has more than $6 billion in annual sales and 7,000 employees.

It also highlighted the broadened global reach, combining Scripps' strength in countries like the United Kingdom and Poland, with "growth areas" like Discovery's Home and Health network in Latin America. Discovery expects the combined group to create cost synergies of US$350 million. Scripps chairman, president and CEO Kenneth Lowe is expected to join the Discovery board. Discovery and Scripps could also make its own "skinny bundle" streaming service of lifestyle channels for about $10 to $15 a month, Zaslav said.

Like all deals that involve the media mogul John C. Malone, who holds a voting stake in Discovery, this one is problematic. The combined company will claim 20 percent of primetime female viewership. In 2014, the two media companies had considered a merger until the Scripps family reportedly called things off.

The agreement would add to consolidation in the telecommunications and media industries, as TV companies seek to better compete with cable and broadband providers. The company's 50-day moving average is $26.21 and its 200-day moving average is $27.38. The company's quarterly revenue was up 2.2% on a year-over-year basis. Comerica Bank increased its position in shares of Discovery Communications by 4.1% in the fourth quarter. (NASDAQ:SNI)'s stock on Friday traded at beginning with a price of $86.02 and when day-trade ended the stock finally surged 0.58% to reach at $86.91. "In all seriousness, this deal combined with Q2 results suggests how tough the cable net business has become". In the last earnings report the EPS was $1.91 and is expected to be $2.26 for the current year with 443,000,000 shares presently outstanding.

"While cost synergies are pretty obvious to us, we continue to believe the most compelling industrial logic is from worldwide distribution", RBC Capital Markets analys Steven Cahall said in a July 28th note.

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