Merger Spec Lifts Scripps

Programmer soars 8% in early trading
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Scripps Networks Interactive shares soared as much as 8% in early trading Dec. 6, after a report speculated that Discovery Communications could be contemplating a possible takeover of the Food Network and HGTV parent.

According to a report in Variety citing unnamed sources, Discovery board members discussed making a possible run at Scripps at its regularly scheduled board meeting Dec. 5 There was no indication of whether Discovery would actually make an attempt to acquire Scripps.

Officials at both Discovery and Scripps declined to comment on rumor and speculation.

Scripps is the parent of Food Network, HGTV, The Cooking Channel and the Travel Channel and separated from former parent E.W. Scripps in 2008. The Scripps family still holds a substantial portion of the stock.

For the full story go to Multichannel.com.

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