PhotoNEW YORK — Discovery Communications announced on Monday an $11.9 billion deal to buy Scripps Networks Interactive, the owner of Food Network and HGTV. In pursuing Scripps, Discovery also faced competition from its rival Viacom. View all New York Times newsletters. The deal is valued at about $90 a share, or roughly 34 percent more than the price of Scripps stock before reports emerged about a potential sale. For Discovery, sealing the deal meant placating the Scripps family’s shareholders, who control roughly 92 percent of the broadcaster’s voting stock and who vote as a group.

Source: New York Times July 31, 2017 11:56 UTC