Discovery to buy $11.9bn network

US cable channel Discovery has agreed to buy Scripps Networks, the No 4 most watched US cable network, for $11.9 (€10bn) in a bet that uniting ownership of cable channels like Animal Planet and HGTV will help the company adapt to the changing television landscape.

Discovery, one of billionaire John Malone’s key holdings, will acquire Scripps for about $90 a share and assume long-term debt of $2.7bn, bringing the total price of the equity value plus liabilities to $14.6bn. The price represents a 34% premium over Scripps’ closing price on July 18, the day before news of the companies’ talks became known.

In Ireland, Mr Malone’s Liberty Media owns TV3 and cable firm Virgin Media.