Halister News

(Bloomberg) -- Viacom has dropped out of the bidding to buy Scripps; Discovery remains in talks for deal, WSJ reports, citing unidentified people familiar with situation.

• SNI preferred to negotiate exclusively with DISCA after reviewing both bids
• VIAB faced financial constraints, didn’t want to overpay: report cites a person

• Separately, CNBC’s David Faber also tweeted that sole negotiations with DISCA started, to finalize deal in next few days
  • SNI, DISCA have agreed on price believed to be at least $90/share, Faber says in separate tweet
• Reuters reports that DISCA’s offer is cash, stock
• NOTE: SNI rises as much as 1.3% post-market on ~12k shares; VIAB up as much as 1.5% on ~66k shares; DISCA unchanged
• NOTE: Scripps Could Fetch $91-$95/Share in Takeout, Wells Fargo Says

To contact the reporter on this story: Michael Sin in Sydney at msin12@bloomberg.net

--MICHAEL SIN

(Bloomberg) -- Elliott Management won a partial victory over Berkshire Hathaway in their court fight for control of Texas’ biggest electric distribution company, when a judge put off consideration of Berkshire’s offer for the utility.

• Judge to delay decision on whether to approve Berkshire deal until Aug. 21
• Berkshire has said if its deal not approved Aug. 21, it will walk
• NOTE: Elliott Says Investors Mulling Providing $11.85B for Oncor Bid

To contact the reporter on this story: Steven Church in Wilmington, Delaware at schurch3@bloomberg.net

Economic Release Details: {KOGDPQOQ Index ECOD} --SEYOON KIM

--ELIZABETH FOURNIER