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Viacom steps up Scripps pursuit

Fixer Upper airs on HGTV

Viacom is willing to pay cash to beat Discovery Communications in the race to acquire US factual channels operator Scripps Networks Interactive, according to a US report.

It emerged last week that the two US media giants were in the running to take over Scripps, which owns channels such as HGTV, Food Network, Travel Channel and Polish network TVN.

The reports resulted in significant share price boosts for Scripps and Discovery.

The latest twist in the potential deal is that Viacom is willing to make an all-cash bid, although Discovery is not expected to follow suit, according to Reuters, citing sources familiar to the matter.

The report states the size of the bids is unclear but a decision is expected within the next few days, according to the sources. It is also possible that a deal may not happen.

Viacom’s interest in Scripps comes after Bob Bakish pledged to increase the value of the company’s when he was named its new president and CEO towards the end of 2016.

Discovery, meanwhile, has been linked with a takeover of Scripps on numerous occasions. A merger between the two was reportedly discussed in late 2013 but the deal never came to fruition.

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