Food Network Sold to Discovery
Discovery Communications purchased Food Network’s owner, Scripps Networks Interactive, for $11.9 billion. The deal marries Discovery’s channels, which include Discovery, TLC, OWN and Animal Planet with a largely male audience, with Scripps’ channels, including Food Network, Travel Channel and HGTV that attracts a female majority.
Discovery is paying 70 percent cash and 30 percent stock for Scripps with the total price of the deal coming to $14.6 billion. The combined company will offer 300,00 hours of content and be home to five of the top cable networks for women.
The deal requires regulatory approval and Discovery has tried twice before to purchase Scripps.