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Discovery Buying Scripps Networks in $14.6 Billion Deal

July 31, 2017, 11:28 AM UTC
Views Of The Discovery Communications Inc. Headquarters During Talks To Combine WithScripps Networks
Signage is displayed on the exterior of Discovery Communications Inc. headquarters in Silver Spring, Maryland, U.S., on Thursday, July 20, 2017. Discovery, whose networks include the Discovery Channel, and Viacom Inc. are in talks to combine with Scripps Networks Interactive Inc., owner of HGTV and the Food Network, according to people with knowledge of the matter. Photographer: Andrew Harrer/Bloomberg via Getty Images
Bloomberg Bloomberg via Getty Images

SILVER SPRING, Md. — Discovery Communications is buying Scripps Networks Interactive Inc. in a cash-and-stock deal worth $14.6 billion.

The transaction is valued at $90 per share, about a 4 percent premium to Scripps’ Friday closing price of $86.91.

The buyout is targeted to close by early next year.