SINGAPORE – Discovery Communications, Inc. announced that the company has successfully completed its acquisition of Scripps Networks Interactive, Inc. . Moving forward, the combined company will be officially known as simply: Discovery, Inc.

 

The name change to Discovery, Inc. demonstrates a new focus on growth in the areas at which Discovery excels, telling stories across deeply loved genres and empowering superfans to explore their world wherever and whenever they choose.

 

The acquisition is expected to be accretive to adjusted earnings per share and to free cash flow in the first year after closing, including significant cost synergies. The combination is expected to create a strong economic model with capacity for rapid debt repayment and a clear runway for growth and value creation.

 

Kenneth W. Lowe, former Chairman, President & CEO of Scripps Networks Interactive, will join Discovery’s board of directors, effective immediately.

 

Scripps shareholders will receive approximately US$90 per share, consisting of US$65.82 per share in cash and 1.0584 per share in Series C Common shares of Discovery stock valued based on a volume weighted average price (subject to elections and proration), in each case in accordance with the terms of the merger agreement.  This includes a cash payment of US$2.82 per share in connection with Discovery’s previously announced decision to exercise in full the cash top-up option under the merger agreement.