Published: Thu, July 20, 2017
Markets | By Erika Turner

Scripps in talks of merging with Discovery, Viacom

Scripps in talks of merging with Discovery, Viacom

Reports from the Wall Street Journal indicated that Discovery Communications Inc.

This is at least the third time that Discovery, whose shareholders include cable magnate John Malone, has held talks to buy Scripps, according to the sources.

Zacks Investment Research lowered shares of Scripps Networks Interactive, Inc (NASDAQ:SNI) from a hold rating to a sell rating in a research report released on Monday.

Reuters also says that Scripps has been considered a take-over target since it stopped being controlled by the Scripps family trust five years ago.

Discovery's stock is up more than 9 percent in after-hours trading, while shares of Scripps have risen more than 10 percent.

Full list of corporation's top earners revealed — BBC stars' pay
Writing on Twitter, the former England striker said he had stuck with the Beeb "Because I love and value my job and BBC sport". The second highest paid woman is " The One Show " host Alex Jones , who makes anything from £400,000 to £450,000.

Viacom stock rose 2% to $36.17.

As the clock approached noon Wednesday, Scripps shares rocketed $9.14, or 13.6%, to $76.16, while Discovery shares gained 84 cents, or 3.2%, to $26.89. While Discovery is significantly invested in its worldwide cable channels in addition to domestic operations, Scripps has remained focused on its USA channels. Viacom adds a twist to those considerations, raising the possibility of a bidding war. The company reported $1.53 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $1.18 by $0.35. Speaking of monthly performance, SNI tapped a -0.49% decline. Over the past month the firm's stock is -0.89%, -9.44% for the last quarter, -8.27% for the past six-months and -3.67% for the a year ago.

"There's more pressure on cable players around the world, satellite and mobile players, to merge or figure out how to offer all those together", Discovery CEO David Zaslav told Bloomberg at the recent Allen & Co. conference in Sun Valley, Idaho. Discovery's sales totaled $6.5 billion in the past year.

Scripps Networks Interactive, Inc is a developer of lifestyle-oriented content, providing primarily home, food, travel and other lifestyle-related programing. 604.94 million shares or 1.06% more from 598.58 million shares in 2016Q3 were reported.

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