S&P falls 1.4 pct in safety flight on N. Korea tensions
US consumer prices up slight 0.1 percent in July
Markets Right Now: Cable companies and banks boost stocks
01 August 2017, 10:58 | Lionel James
With the acquisition Discovery can cut costs and use Scripps's shows to further its international reach
As of December 31, 2016, the Company's U.S. Networks segment consisted of six national television networks: HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country.
The combination is expected to create cost savings of $350 million, the companies also said.
As is often the case with deals, shares of the buyer, in this case Discovery, were trending about 1.7 percent lower, while the stock of the takeover target rose about 1 percent. Scripps shareholders will own about 20% of the new combined company, while Discovery shareholders will own 80%. (NASDAQ:SNI)'s stock on Friday traded at beginning with a price of $86.02 and when day-trade ended the stock finally edged up 0.58% to reach at $86.91. And he argued: "While we believe the two companies are likely better positioned together, rather than apart, the longer-term issues facing the industry still remain".
Both Discovery and Scripps reported quarterly earnings on Monday that reflected the challenges facing US media companies.
The company reported $0.68 EPS for the quarter, missing the Zacks' consensus estimate of $0.72 by $0.04.
Janedis cited lower overall TV viewership for USA networks and attempts to sell more networks to new digital TV providers promoting "skinny bundles".
Kem and Amber hot favourites to win Love Island Following on from whispers the barber is heading for reality show TOWIE , he quickly shut them down when speaking to The Sun . She added: 'I've always been a bit marmite, people love me or hate me and I sort of knew that going on [the show]'.
Firms such as Amazon and Netflix are increasing competition in the sector.
The combined company's larger programming slate might give it an advantage in negotiations for inclusion in skinny bundles, or economy-priced cable packages that offer fewer channels than a standard contract.
"The transaction supports and accelerates Discovery's pivot from a linear TV-only company to a leading content provider across all screens and services around the world", David Zaslav, Discovery's chief executive, told investors.
The deal, which is subject to approval of both sets of shareholders and regulatory watchdogs, includes around US$2.7 billion of Scripps' net debt. The combined company will house five of the top pay TV networks for women and account for more than 20 percent share of women watching prime-time pay TV in the U.S.
The acquisition could also lead to further consolidation among on other players in the market, including Viacom which had also been in talks to acquire Scripps.
Lowe is expected to join Discovery's board of directors once the deal closes. It had tried unsuccessfully twice before to buy Scripps. Allen & Co LLC and J.P. Morgan Securities served as financial advisers to Scripps. Evercore served as financial adviser to the Scripps family.
Curtis Granderson doesn't want Lucas Duda to leave
Tampa entered Thursday's games a half-game behind the Royals, and 1 1/2 games behind the Yankees for the two wild-card spots. Top prospect Amed Rosario is slated to arrive first, shortly after the trade deadline. "They're in the hunt", Duda said.
Packers Training Camp Set To Begin
In fact, I like to sleep on the ground from time to time. "I heard all about it", McCarthy is quoted as saying by ESPN . Norbert College in DePere on Tuesday.
LaVar Ball tells another woman to 'stay in her lane'
When play restarted, the female referee had been replaced, according to ESPN . "She's got a vendetta", Ball said after the game. And now, apparently women shouldn't be challenging him when they're officiating his teenage son's AAU basketball game.
Apple Accused of Bowing to Chinese Censors
Internet providers in Russian Federation will also be required to block access to VPNs and proxies under the new law. Another provider, Star VPN , tweeted that its app had also been removed from the China-based Apple App Store.
Crude oil surges to biggest weekly gain this year
USA stockpiles continued to fall this week, and OPEC insists it will curb supplies through 2018, if necessary. USA gasoline futures for delivery in August were up more than 1 percent at the highest since May 24.
New White House chief of staff is battle-toughened leader
Lindsey Graham of SC , a frequent Trump critic, welcomed Kelly as "one of the strongest and most natural leaders I've ever known". In a statement, Priebus said it had been one of the great honors of his life to serve Trump and the country.