David Zaslav, president and CEO of Discovery Communications
Discovery Communications, Inc. announced the successful completion of its acquisition of Scripps Networks Interactive, Inc. Moving forward, the combined company will be officially known as simply: 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. 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,” said David Zaslav, president and CEO for Discovery.
The name change to Discovery, Inc. demonstrates a new focus on growth in the areas at which Discovery excels, telling stories across deeply loved genres and empowering superfans to explore their world wherever and whenever they choose.
The acquisition is expected to be accretive to adjusted earnings per share and to free cash flow in the first year after closing, including significant cost synergies. The combination is expected to create a strong economic model with capacity for rapid debt repayment and a clear runway for growth and value creation.
Kenneth W. Lowe, former Chairman, president & CEO of Scripps Networks Interactive, will join Discovery’s board of directors, effective immediately.
The completion of Discovery’s US$14.6 billion acquisition of Scripps Networks Interactive creates the industry’s largest group of lifestyle, factual, and unscripted entertainment cable channels as Scripps’ Food Network, HGTV, Travel Channel, and others merge with the owner of Discovery, TLC, and Animal Planet.
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