Discovery Communications has successfully completed the acquisition of Scripps Networks Interactive.
It has also announced that moving forward the combined company will be simply known as Discovery, Inc.
Commenting on the completion, David Zaslav, president and CEO for Discovery, said: “Today marks another critical milestone for Discovery, as we become a differentiated kind of media company with the most trusted portfolio of family-friendly brands around the globe.
“As a new global leader in real life entertainment, Discovery will serve loyal and passionate audiences around the world with content that inspires, informs and entertains across every screen; deliver new ways for advertisers and distributors to reach highly targeted audiences at scale; and leverage our leadership position to create new value and growth opportunities for all of our stakeholders”.
Kenneth W. Lowe, former chairman, president & CEO of Scripps Networks Interactive, will join Discovery’s board of directors, effective immediately.
Scripps shareholders will receive approximately $90 per share, consisting of $65.82 per share in cash and 1.0584 per share in Series C Common shares of Discovery stock valued based on a volume weighted average price (subject to elections and proration), in each case in accordance with the terms of the merger agreement.
This includes a cash payment of $2.82 per share in connection with Discovery’s previously announced decision to exercise in full the cash top-up option under the merger agreement.
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