HALISTER: Viacom Is Said to Drop Bid for Scripps; Discovery Remains: WSJ

Viacom Is Said to Drop Bid for Scripps; Discovery Remains: WSJ

(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

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DISCA US (Discovery Communications Inc)
VIAB US (Viacom Inc)
SNI US (Scripps Networks Interactive Inc)

People
David Faber (CNBC Inc)

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