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00:00:01
>> Scripps Networks being wooed by competing suitors, Viacom and Discovery Communications, as media companies increasingly consolidate in the race to snag more viewers. Scripps, which owns HGTV, Travel Channel, and a stake in Food Network, is an attractive buy for both the companies, says Reuters correspondent Jessica Toonkel.>> Discovery, in particular, like many of the smaller media companies, has been challenged with ratings, and they're looking at other ways that they can add to their programming and add scale.
00:00:33
Most people think Discovery is gonna win Scripps but the question here is Discovery might want Scripps more but Viacom might need it more. Because Viacom is more challenged on its programming, so they might feel more pressured to buy this asset so that they can get better programming.>> Sources telling Reuters Tuesday, that this is at least the third time that Discovery, who's shareholders include cable magnet John Malone, has held talks to buy Scripps.
00:01:00
Discovery's stock jumping on news of the talks up at least 7% and shares of Scripps surging over 16%. The talks coming during a time of intense consolidations in the sector, with the pending deal for AT&T to buy Time Warner for $85 billion, raising the bar for other companies.
00:01:20
You have the cable and satellite companies that have all bulked up and consolidated, so the media companies wanna be on those platforms, so they also need scale. They need to be bigger, they need more channels to offer.>> Representatives from Scripps, Viacom, and Discovery declined to comment.