Shareholders have approved the USD 14.6 billion deal that will see Discovery Communications acquire Scripps Networks Interactive, according to a SEC filing. The merger is expected to close by early 2018.
The agreement to acquire Scripps was announced at the end of July. According to Discovery, 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.
Scripps portfolio includes 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.
According to The Hollywood Reporter, Scripps shareholders will end up owning 20% of Discovery, which will take on Scripps’ net debt of approximately USD 2.7 billion in the deal.