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Discovery wins go-ahead to buy Scripps

Discovery Communications has received US regulatory approval for its proposed US$14.6bn acquisition of Scripps Networks Interactive.

David Zaslav

The decision by the Department of Justice to close its investigation into the deal follows European regulators giving it the green light at the beginning of February.

Discovery announced last year it intended to buy Scripps in a US$14.6bn cash-and-stock deal, which would see the US media giant take over Scripps’ channel brands such as HGTV, Food Network, Travel Channel, DIY and Polish network TVN.

The European Commission approved the takeover on the condition that Discovery would offer third parties the right to distribute, on a non-exclusive basis, TVN24 and TVN24 BiS, two of the TVN channels Scripps bought out in 2015.

Discovery has already decided to move its global headquarters from Maryland to New York to help integrate the two companies, bringing its staff closer to Scripps employees around the city.

David Zaslav, president and CEO of Discovery, welcomed the government’s decision as a “significant regulatory milestone.”

“The conclusion of the Department of Justice’s investigation is an integral step toward closing our transaction,” Zaslav added. “We look forward to combining these two great companies to the benefit of our enthusiastic audiences around the world.”

Discovery still needs clearance from a review in Ireland and the completion of other conditions to conclude the deal, but it is expected to be finalised by the end of the first quarter of this year.

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