In one of the most closely watched big media deals in some time, Scripps Networks Interactive has been acquired by Discovery Communications. According to The Hollywood Reporter, the deal is valued at $14.6 billion.

“Discovery will acquire Scripps in the cash-and-stock deal, which the companies said would bring together two sets of strong brands, including networks popular with women, allow for $350 million in cost savings, provide more international opportunities for Scripps’ business given that Discovery has been a global player longer than Scripps and give the merged firm more upside in digital and direct-to-consumer services,” THR reports.

The Scripps-owned channels including HGTV, Travel Channel and Food Network will now join Discovery’s lineup that features Animal Planet, TLC and OWN, along with Discovery Channel.

“The companies said they would create ‘a global leader in real life entertainment’ and ‘accelerate growth across linear, digital and short-form platforms around the world,'” THR reports.