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Fly News Breaks for July 19, 2017
DISCA, SNI
Jul 19, 2017 | 08:48 EDT
Citi analyst Jason Bazinet finds it likely that Discovery Communications (DISCA) and Scripps Networks (SNI) reach a merger agreement. Assuming a 20% premium is offered to Scripps, the deal is likely about 10% accretive to Discovery, Bazinet tells investors in a research note, citing his M&A math. He expects Discovery shares to rise along with Scripps following last night's reports of deal talks. Discovery in premarket trading is up 6% to $27.50 while Scripps is up 16% to $77.92.
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