They’ve abandoned talks for a merger last week, the Wall Street Journal reported. The discussions did not go beyond the early, exploratory stage and Discovery had not made a formal offer for Scripps Networks, said the story. A report in Last month, Discovery was reportedly considering a bid for Scripps, whose networks include HGTV, Food Network, DIY Network, Cooking Channel, Travel Channel and Great American Country (GAC).
The Scripps family did not appear ready to sell the cable company, Wall Street Journal said. The family had a 43% stake in Scripps Networks and newspaper company E.W. Scripps through a trust which terminated in 2012, after which the shares were redistributed to descendants.
Discovery will refocus on overseas expansion, which had been its focus before the talks with Scripps, WSJ said.
