Report: Viacom Offering $10.6B in Cash for Scripps

Discovery unlikely to make all-cash offer
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Viacom is offering to buy Scripps Networks Interactive for $10.6 billion in an all-cash deal, according to a report from Reuters.

Discovery Communications is also reportedly bidding for Scripps Networks, which runs cable networks including HGTV, Food Network and Travel Channel.

Viacom—which is trying to recover from a loss of viewers and ad revenue at the cable networks it owns such as MTV, Nickelodeon and Comedy Central—already has $12.17 billion in debt, which means a bid would stretch its ability to raise money.

The Reuters report, pegged to sources familiar with the matter, said Discovery was not expected to make an all-cash bid.

None of the companies involved commented.