Do We Have a Winner in the Bidding for the Scripps Cable Networks?

Jul 28, 2017  •  Post A Comment

Scripps Networks Interactive, owner of a suite of cable channels that includes Food Network and HGTV, could be owned by Discovery Communications in a deal that may be signed as early as next week, The New York Post reports.

Viacom had been in the running, as we reported this week, but Scripps shareholders indicated that they prefer the John Malone-backed Discovery bid, The Post reports.

“Viacom was offering an all-cash deal that would have lost the company its investment-grade status, according to analysts,” the story reports. “While a per-share price is still a point of contention, the talks are said to be focused on a figure between $91 and $95 per share.”

The report adds: “Scripps would nominate one person to Discovery’s board. That person is likely to Scripps Chief Executive Ken Lowe, according to a person close to the process.”

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