Discovery Communications has cleared a major hurdle on its path to completing its proposed acquisition of Scripps Networks Interactive.
The Department of Justice on Tuesday (2/27) closed its investigation into Discovery’s deal, announced in July 2017.
Discovery seeks to acquire Scripps Networks in a cash-and-stock transaction, and Discovery says the deal will “extend Scripps Networks’ content to international audiences, increase opportunities for advertisers and digital distribution partners, and unlock significant cost synergies.”
Next up: Irish eyes need to be smiling.
The closing of the proposed transaction remains subject to completion of review in Ireland “and other customary closing conditions.”
But, that may be a formality: Discovery says the transaction is on track to close by the end of Q1 — just four weeks away.
Until then, the companies will continue to operate as separate and independent entities.
“We are pleased to have passed this significant regulatory milestone on our path to acquire Scripps Networks Interactive,” said Discovery President/CEO David Zaslav. “The conclusion of the Department of Justice’s investigation is an integral step toward closing our transaction. We look forward to combining these two great companies to the benefit of our enthusiast audiences around the world.”