Exclusive: Discovery in the lead to acquire Scripps Networks - sources

U.S. media company Discovery Communications Inc in the lead to acquire U.S. cable TV network owner Scripps Network Interactive Inc, people familiar with the matter said on Wednesday.

http://www.channelnewsasia.com/image/9067808/16x9/670/377/86a083af1d6f8eb283ecad28259c739b/pY/file-photo---the-discovery-communications-headquarters-building-is-seen-in-silver-spring-1.jpg
The Discovery Communications headquarters building is seen in Silver Spring, Maryland, U.S. December 3, 2009. REUTERS/Jim Bourg/File Photo
REUTERS: U.S. media company Discovery Communications Inc in the lead to acquire U.S. cable TV network owner Scripps Network Interactive Inc, people familiar with the matter said on Wednesday.
Discovery has entered into exclusive talks with Scripps after prevailing over a rival offer from Viacom Inc, another U.S. media company, one of the sources said.
While a deal could come as early as next week, negotiations are ongoing and no agreement is certain, the sources added.
The exact value of Discovery's offer could not be learned, but sources said it is a cash-and-stock bid, comprising mostly cash, and valuing Scripps in the region of US$90 per share.
The sources asked not to be identified because the negotiations are confidential. Viacom, Scripps and Discovery declined to comment.
(Reporting by Jessica Toonkel and Liana B. Baker in New York)
Exclusive: Discovery in the lead to acquire Scripps Networks - sources Reviewed by Bizpodia on 20:48 Rating: 5

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