Discovery’s pending $14.6 billion acquisition of Scripps Networks Interactive cleared a hurdle today when shareholders of both companies voted overwhelmingly to support the merger, Deadline reports.
The companies held simultaneous shareholder meetings today, with Discovery reporting to the SEC that its vote count was 258.2 million in favor and 2.8 million against, with 104,127 abstentions.
“Counting common voting shares and Class A common shares as a single class, Scripps said in its filing that the tally was 102.3 million in favor, 273,147 opposed and 103,061 abstaining, for an approval rate of a shade less than 79%,” Deadline reports. “Discovery’s beleaguered stock jumped almost 5% on the news, to $17.55 in midday trading. Scripps shares rose 1% to $80.87.”