Discovery completes acquisition of Scripps Networks

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Discovery Communications announced that it has successfully completed the acquisition of Scripps Networks Interactive, which owns Food Network, among others TV channels. The combined company will be officially known as Discovery, Inc.
“Today marks another critical milestone for Discovery, as we become a differentiated kind of media company with the most trusted portfolio of family-friendly brands around the globe,” said in a statement David Zaslav, President and CEO for Discovery. “As a new global leader in real life entertainment, Discovery will serve loyal and passionate audiences around the world with content that inspires, informs and entertains across every screen; deliver new ways for advertisers and distributors to reach highly targeted audiences at scale; and leverage our leadership position to create new value and growth opportunities for all of our stakeholders.”
Discovery announced its USD 14.6 billion acquisition of Scripps in August 2017. 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. It will reach fans in 220 countries and territories and 50 languages.
The media group said that Kenneth W. Lowe, former Chairman, President & CEO of Scripps Networks Interactive, will join Discovery’s board of directors, effective immediately.
With this acquisition, Discovery adds 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.