Shares Of Scripps Gain, Discovery Stock Slumps After Reports That Viacom Is Out As Potential Buyer

By Trey Williams Markets MarketWatch Pulse

Shares of Scripps Networks Interactive Inc. were up more than 3% in premarket trade on Thursday, while Discovery Communication Inc. shares fell more than 2% following media reports Wednesday evening that Viacom Inc. is no longer in the hunt to acquire Scripps. That makes Discovery the leading contender for a potential deal to buy Scripps. According to a report in Variety, Viacom had made an all-cash bid for Scripps, which would have likely knocked the company to junk status. Shares of Viacom were inactive in premarket trade. Scripps shares have gained nearly 18% in the year to date, while shares of Discovery are down 3% and the S&P 500 index is up nearly 11% in the year.

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