Television | Knoxville, TN | Corporate Acquisition
Just a day after news emerged that Viacom was willing to pay cash to acquire Scripps Networks Interactive, Scripps has instead entered exclusive negotiations to be bought by Discovery Communications, per The Wall Street Journal. Viacom reportedly couldn't provide a sufficient premium to Scripps' current market cap of $11.2 billion. There's no guarantee that Discovery, the US home to 13 television networks including Animal Planet and TLC, and Scripps will reach a deal; the pair abandoned previous talks in 2014. Shares of Viacom (NASDAQ: VIAB) and Scripps (NASDAQ: SNI) each gained about 3% Thursday.