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First National Bank of Omaha Maintains Stake in Discovery Communications, Inc. (DISCK)

01 August, 2017, 22:57 | Author: Samuel Sharp
  • The Food Network will get some new friends

Discovery Communications Inc. says that it is expecting the deal to acquire Scripps Networks Interactive, Inc. will result in $350 million in synergies.

Insider Trades for Discovery Communications, Inc. show that the latest trade was made on 14 Jun 2017 where Campbell (Bruce L), the Officer completed a transaction type "Sell" in which 9283 shares were traded at a price of $26.43.

But what it won't do is solve the main issue confronting TV companies: The internet.

As a result of "the ratings and impression softness in the US market", Scripps cut its full-year 2017 guidance for revenue growth to 4 percent from 6 percent and for segment profit to no change from 3 percent growth. Company fiscal year is ending in December and analysts' consensus recommendation is Outperform for DVAX and estimated EPS for next quarter is $ -0.41.

U.S. television networks and cable providers are under pressure as more viewers watch their favourite shows and movies on phones and tablets.

Firms such as Amazon and Netflix are increasing competition in the sector. Online ads are still worth a fraction of TV ads but the audiences for the networks shows - and the ways in which they can package their content - has also grown enormously.

The combined entity will control nearly 20 percent of the ad-supported pay-TV viewership in the United States.

"The transaction supports and accelerates Discovery's pivot from a linear TV-only company to a leading content provider across all screens and services around the world", David Zaslav, Discovery's chief executive, told investors.

The pair highlighted their strength among female viewers in the United States market, claiming a more than 20pc share of women watching prime-time pay-TV. The total price of the deal, including debt, is $14.6 billion.

Discovery and Scripps will have almost a 20% share of ad-supported pay-TV audiences in the USA, the companies said.

Scripps has been considered a takeover target since the Scripps family trust, which controlled the company, was dissolved five years ago. At that time, Lowe will join Discovery's board of directors.

The deal requires regulatory and shareholder approvals.

The transaction, expected to close in early 2018, will see Discovery pay Scripps shareholders approximately $90 a share, representing a 34% premium to the company's most recent closing price. Gabelli reaffirmed a "buy" rating on shares of Scripps Networks Interactive in a research note on Thursday, July 27th. Discovery outbid Viacom Inc for Scripps, Reuters reported first last week. Guggenheim Securities and Goldman Sachs served as financial advisers to Discovery. Allen & Co and JPMorgan served as financial advisers to Scripps.


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