The conversations never became serious. Still, Scripps Networks shares are down 7.2% with heavy volume today after The Wall Street Journal reported that the company and Discovery Communications have “abandoned” the preliminary discussions. The fall brings Scripps’ stock price roughly back to where it was in early December, before Variety reported that Discovery was “mulling” an offer. The family that controls Scripps “didn’t appear ready to sell,” the Journal reports. The paper adds that representatives for the companies never got to the point of discussing a possible price. That jibes with what I was hearing: Discovery has its sights set on expanding overseas, but — like just about every major company — considers just about any opportunity. Scripps’ lifestyle programming could complement Discovery’s, and everyone’s weighing M&A at a time when interest rates are so low. Scripps’ market value is down about $856M today in late trading to about $11.1B. Discovery shares are down about 3.1% for a market value of about $19.8B.
Scripps Networks Shares Fall As Deal Talk With Discovery Fizzles
What's Hot on Deadline
Latest Business News
- Indie Producers Say They're Getting Shortchanged By California's Tax Incentives Program
- ‘American Psycho’ Will Close On Broadway Before The Tony Awards At $8.8M Loss
- Viacom’s Battle With Sumner Redstone Could Hurt Credit, S&P Says
- Court Sets June Date For Philippe Dauman’s Case Against Sumner Redstone
- Lionsgate Joins Fox, Par & Uni In Nixing Exhibitor Clearance Requests: What Does This Mean For The Biz?
- Viacom Renews And Expands Carriage Deal With Cox Communications