Discovery Desired Bidder In Scripps War, In Deal For At Least $90

Scripps shares are up nearly 18 percent this year, while Discovery shares are down 3 percent through Wednesday’s close.
At $90 a share, the deal would be roughly $11.7 billion based on Scripps’ share count.
Earlier, sources told CNBC that the family behind Scripps was looking for at least 50 percent cash in the deal.
Discovery Communications, the operator of the TLC and Animal Planet cable channels, is said to be the preferred buyer of Scripps Networks Interactive in a deal that could fetch at least $90 a share, sources told CNBC.
Discovery and Viacom battled for Scripps to bolster their offerings in a market that has been fragmented by consumers dumping cable for streaming services like Netflix and Hulu.

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