Scripps Networks Interactive, Inc. (SNI) Up on Discovery Merger Buzz

Scripps Networks Interactive, Inc. (SNI) Up on Discovery Merger Buzz

Scripps Networks and Discovery Communications jumped after the Wall Street Journal reported that the two cable network companies are in talks to combine.

If the two companies merge, Scripps' HGTV, Cooking Channel and Travel Channel will be a part of a family with Animal Planet, TLC and the Discovery channel. (NASDAQ:SNI). Arizona State Retirement Sys holds 0.02% in Scripps Networks Interactive, Inc.

According to Zacks, "E. W. Scripps Company is a diversified media company operating in three reportable segments: newspapers, broadcast television and category television".

Session activity on Encana Corporation (NYSE:ECA) shares bumps the stock on today's most active list.

Viacom stock rose 2% to $36.17.

So far in 2017, Discovery and Scripps have underperformed the broad markets with each stock down 5% and 6%, respectively.

As the clock approached noon Wednesday, Scripps shares rocketed $9.14, or 13.6%, to $76.16, while Discovery shares gained 84 cents, or 3.2%, to $26.89.

Discovery, which generates about half its revenue outside the USA, could help Scripps expand its global footprint, especially in Europe, where Scripps has acquired an interest in Polish TV operator TVN. Gardner Russo & Gardner Llc sold 12,505 shares as Scripps Networks Interactive C (SNI)'s stock declined 10.51%. Scripps has been considered a buyout target in the past by Viacom to add to its massive network. When we divide the current volume by the three-month average volume, we get a relative volume of 7.68.

With more than 20 years of buy-side/sell-side analyst and portfolio manager experience specializing in media, entertainment and Internet investments, Slabin is to focus on Discovery's strategic positioning and build relations with the worldwide investor community.

Since the beginning of the calendar year, the stock is -6.10%.

Cable networks have been losing subscribers as viewers pay more attention to their smartphone apps, YouTube videos and streaming services such as Netflix. 604.94 million shares or 1.06% more from 598.58 million shares in 2016Q3 were reported.

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