Discovery forks out $14.6bn for co-owner of Dave, Yesterday and Really

Javier Stokes
August 1, 2017

The firm has a 50 day moving average of $26.21 and a 200 day moving average of $27.38. Scripps Networks Interactive, Inc.

Discovery has a market capitalization of $11.4 billion. The firm had revenue of $855 million during the quarter, compared to analyst estimates of $856.98 million. During the same period previous year, the firm earned $0.71 EPS. On average, analysts forecast that Discovery Communications, Inc. will post $2.24 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This news story was originally reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this piece of content on another website, it was illegally copied and reposted in violation of USA and global trademark and copyright law. First National Bank of Omaha's holdings in Discovery Communications were worth $1,510,000 at the end of the most recent reporting period. Bank of Montreal Can increased its stake in shares of Discovery Communications by 1.7% in the first quarter.

Discovery had tried unsuccessfully twice before to buy Scripps. Finally, TheStreet lowered shares of Discovery Communications from a "b-" rating to a "c+" rating in a research note on Wednesday, May 17th.

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The Stock had a 3.25 Consensus Analyst Recommendation 30 Days Ago, whereas 60 days ago and 90 days ago the analyst recommendations were 3.25 and 3.18 respectively. The deal gives the HGTV and Food Network producer an enterprise value of $14.6 billion, including Scripps' net debt of approximately $2.7 billion.

The Standard & Poor's 500 index was little changed at 2,472. Institutional investors and hedge funds own 46.96% of the company's stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Caveat: Discovery's offer includes both cash and stock, and as Discovery's shares have dropped on the announcement, the overall value is now slightly lower. About 8.07M shares traded or 355.93% up from the average. Douglas Lane & Associates LLC now owns 924,509 shares of the company's stock valued at $26,173,000 after buying an additional 134,545 shares in the last quarter. The disclosure for this sale can be found here. In last 4 months performance of DISCA was -6.88% while its price to sale ratio is 1.55 and price to book ratio is 1.95. Scripps now runs HGTV, Food Network, and the Travel Channel. The Company provides content across multiple distribution platforms, including pay-television (pay-TV), free-to-air (FTA) and broadcast television, Websites, digital distribution arrangements and content licensing agreements.

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