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Discovery mulls over Scripps Networks Interactive takeover
American mass media company Discovery Communications Inc. is reportedly considering a bid for Food Network majority owner Scripps Networks Interactive Inc.
According to the Wall Street Journal, such a deal would combine two cable-channel owners that specialize in nonfiction television. Discovery owns the Discovery Channel, Animal Planet and TLC. Scripps' channels include HGTV, Travel Channel and Cooking Channel, aside from its majority stake in the Food Network.
Discovery has yet to make a formal offer for Scripps and may still decide not to proceed. Scripps has long been viewed as a takeover candidate, the report said.
News of Discovery's interest sent Scripps' shares soaring nearly 17% in after-hours trading. This lifted its market capitalization to about $13 billion. Meanwhile, Discovery has a market capitalization of around $30 billion, WSJ said.
Two years ago, Discovery approached Scripps about putting the companies together, but Scripps' owners weren't willing to sell the company at that time, the report said.