Discovery Clinches Scripps Networks Deal

01 August, 2017, 22:57 | Author: Franklin Nunez
  • Discovery Communications acquires Scripps Networks Interactive

More notable recent Discovery Communications Inc.

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Discovery Communications, Inc.is a global media company. Chevy Chase Trust Holdings Inc. now owns 133,591 shares of the company's stock worth $3,451,000 after buying an additional 1,054 shares during the period. New England Research & Management Inc. increased its position in Discovery Communications by 84.1% in the first quarter.

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-A deal has been struck that will see Discovery Communications acquire Scripps Networks Interactive. Shares of Discovery, which also reported quarterly earnings, fell almost 7%. The overall volume in the last trading session was 3.87 million shares. Scripps' shares finished up 0.6 percent at $87.41. The fund owned 6,306 shares of the company's stock at the end of the second quarter. Scripps Networks' net profit was $673 million. (SNI) opened at 87.41 on Tuesday. The company has a 50 day moving average price of $25.38 and a 200-day moving average price of $26.69. Scripps Networks Interactive, Inc. The firm has a market capitalization of $10.90 billion, a PE ratio of 12.87 and a beta of 1.60. The company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by $0.09. Each produces net profit margins in the high teens, with Discovery earning a net profit of $1.2 billion a year ago. Analysts forecast EPS of $0.68, down exactly $0.03 or 4.23 % from 2014's $0.71 EPS. The original version of this news story can be accessed at https://transcriptdaily.com/2017/07/31/franklin-street-advisors-inc-nc-buys-1990-shares-of-discovery-communications-inc-nasdaqdisck-updated-updated.html. Pivotal Research reaffirmed a "hold" rating and issued a $28.00 price target (up previously from $27.00) on shares of Discovery Communications in a research note on Sunday, April 23rd. It had tried unsuccessfully twice before to buy Scripps.

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Analyst's ratings play a very important role in outlining a stock's performance. The stock presently has a consensus rating of "Hold" and an average price target of $76.60. The transaction also includes approximately $2.7 billion in Scripps' debt. The stock was sold at an average price of $69.65, for a total value of $2,089,500.00. Insiders own 5.78% of the company's stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The cash-and-stock transaction is valued at $14.6 billion, or $90 per share. 2,152,849 shares of the company traded hands. The disclosure for this sale can be found here. The Company's content is distributed through multiple methods, including television, the Internet, digital platforms and licensing arrangements.

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