Discovery Buys Scripps Networks

Discovery Buys Scripps Networks

The non-fiction TV universe has merged into one giant conglomerate. Discovery has agreed to buy Scripps Networks (which owns  HGTV, Travel Channel and Food Network) for $11.9 Billion.

Both parent companies hope that the deal will ease contract negotiations, and help with skinny bundle deals with cable providers. The merger will also fuel a new push for online content.

“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,” said David Zaslav, Discover’s chief executive officer, on a call.

Discovery outbid Viacom to buy Scripps.