Discovery and Viacom Have Each Held Talks to Buy Scripps Networks
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Discovery Communications and Viacom, two cable network owners hurt by the rise of Netflix and YouTube, have held separate talks to combine with Scripps Networks Interactive, owner of HGTV and the Food Network, according to a person with knowledge of the matter.
Discovery Communications owns networks including its namesake Discovery Channel, Animal Planet and TLC. Viacom’s portfolio includes Nickelodeon, BET and MTV.
Traditional media companies that built billion-dollar businesses from cable are feeling pressure to grow via acquisition after losing viewers to online video services and social networks. Consumers are spending more time on the web and advertisers are following. By combining, Scripps and Discovery or Viacom could also strengthen their hand in negotiations with pay-TV companies like Comcast Corp.
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