Discovery Communications announced a deal to acquire Scripps Networks Interactive, owner of Food Network, for USD 14.6 billion. The transaction is expected to close by early 2018.
In a press release, Discovery said that the combined company will produce approximately 8,000 hours of original programming annually, be home to approximately 300,000 hours of library content, and will generate a combined 7 billion short-form video streams monthly.
The combination will extend Scripps’ brands, programming and talent to a broader international audience through Discovery’s best-in-class global distribution, sales and languaging infrastructure. In turn, Discovery sees strong opportunities to strengthen its existing global female networks with select content from Food Network (which is available in Latin America), HGTV and all the Scripps brands.
Specifically, Discovery will add to its portfolio HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country, as well as TVN, a premiere multi-platform provider of entertainment, lifestyle and news content in Poland; UKTV, an independent commercial joint venture with BBC Worldwide; Asian Food Channel, the first pan- regional TV food network in Asia; and lifestyle channel Fine Living Network.