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

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.