COMPANY OVERVIEW
Scripps Networks Interactive is a lifestyle media company that owns many successful cable channels such as HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Company, which collectively have more than 190 million viewers every month, according to the company’s website.
However, on March 6, 2018, Scripps Networks Interactive was successfully acquired by Discovery Communications, according to a press release on Discovery’s website. The combined companies are now known as Discovery, Inc.
Alongside their United States assets, they also have networks and ventures outside the country, including that in Poland and the United Kingdom. Because of this, Discovery needed the European Union’s stamp of approval before proceeding with the acquisition, which they received on February 7 of this year, according to a report by CED.
Scripps’ headquarters is in Knoxville, TN, but it has branches all over the United States and the world, including in Atlanta, New York City, Chicago, Detroit, Los Angeles, Miami and San Francisco. International locations include offices in Asia, Europe and South America.
Although Scripps Networks Interactive’s assets are well-known and have a strong, consistent audience base the company was drowning in $2.7 billion dollars of debt prior to the acquisition with Discovery Communications.
Discovery Communications stated that they would like to purchase Scripps Networks Interactive on July 31, 2017; the acquisition was successfully completed on March 6, 2018 for $14.6 billion dollars. They plan to keep the Scripps headquarters in Knoxville, TN for the new company, Discovery, Inc., as well as create a combined team of executives from both Scripps and Discovery.
Before Scripps Networks Interactive was acquired by Discovery, Scripps Networks Interactive acquired Spoon University back on May 3, 2017. Spoon University is an online millennial food publication that Scripps utilized to increase viewership on social media platforms and appeal to a younger audience base.
