Scripps Networks is at the center of what’s shaping up to be a battle between Discovery Communications and Viacom to acquire the company, Variety reports.
“Viacom and Discovery are both engaged in negotiations for Scripps, according to people familiar with the situation, a purchase that could be worth as much as $10.6 billion,” Variety reports. “A final decision could be reached as soon as next week, but there’s also a chance no deal will take place. Each company sees transformative potential in nabbing the owner of Food Network, Travel Channel and a small suite of cable networks whose mainstay programming is documentary-style series like ‘Flip or Flop’ and ‘Diners, Drive-Ins and Dives.’”
The report quotes media-industry analyst Michael Nathanson, in a recent research note, saying: “Given what seems like real competition over Scripps Networks, it seems like the company (and Scripps family) could demand a higher price.”
Variety adds: “Wells Fargo analyst Marci Ryvicker estimates the controlling Scripps family would likely require at least $91 per share, and might even hold out for as much as $95. Share of Scripps recently traded at more than $83 a share.”