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.