Discovery Communications, Inc. Acquisition of Scripps Networks Interactive, Inc.

Discovery Communications sought to acquire Scripps Networks Interactive in a cash-and-stock transaction valued at $14.6 billion. The merger would unite Discovery’s portfolio – which included brands such as Discovery Channel, TLC, and Animal Planet – with Scripps’ portfolio – which included HGTV, Food Network, and Travel Channel – and give Discovery a 20 percent share of US ad-supported pay-TV audiences, as well as more than a 20 percent share of US women watching primetime pay-TV. An Analysis Group team, including Managing Principals Rebecca Kirk Fair and Emily Cotton, was retained on behalf of Scripps to evaluate potential competitive concerns in negotiations with multichannel video programming distributors for bundled programming. The deal, which was closely scrutinized by the US Department of Justice, received clearance without any remedy required in the US.