Discovery’s acquisition of Scripps has been endorsed by the European Commission (EC). The deal is approved with a condition that Discovery will continue to offer the right to third party distributors for broadcasting TVN24 BiS and TVN24, the Polish channels of Scripps.
European Commission has given a green signal today to a $14.6 billion Discovery’s acquisition of Scripps Networks Interactive by Discovery Communications. The merger of the deal was revealed in July, while shareholders of both the companies voted to endorse the $14.6 billion agreement in November.
Discovery Communications Inc. already owns several popular TV channels like Animal Planet, Discovery Channel and TLC and now has received holdings for Scripps’s Food Network, Travel Channel and HGTV. After merging, the company will monitor nearly 20 per cent of pay television audience of the United States.
However, the company accepted to offer a few concessions with intention to receive the approval by European Commission. Acquisition is supposed to shut down in the year’s first quarter, according to Discovery, while it is still waiting for the approval by the US regulators.
David Zaslav, CEO of Discovery Communications Inc. stated in the approval today that, “We are pleased with the positive decision of the European Commission. We believe that joining the Discovery and Scripps Networks’ family of brands and assets will allow us to better serve our passionate fans with more content on more platforms worldwide, while at the same time optimizing our business for greater efficiency.”