Discovery Lands Scripps Networks in $14.6 Billion Deal

Discovery Lands Scripps Networks in $14.6 Billion Deal

Discovery Lands Scripps Networks in $14.6 Billion Deal

USA stocks are mostly lower in midday trading as Facebook and other technology companies open the week with losses. The original version of this report can be read at Analysts giving the company a rating of 3 would be indicating a Hold recommendation.

David Zaslav, President and CEO, Discovery Communications said: "This is an exciting new chapter for Discovery". Gulf International Bank UK Ltd increased its position in Discovery Communications by 1.2% in the first quarter. It will also buy back $2 billion in stock. During its last trading session, Stock traded with the total exchanged volume of 4.54 million shares. New England Research & Management Inc. now owns 20,890 shares of the company's stock valued at $608,000 after buying an additional 9,540 shares in the last quarter.

Wall Street await Discovery Communications Inc. (NASDAQ:DISCB) to release earnings on August, 8 before the open. Sell-side analyst recommendations point to a short term price target of $12 on the company shares. The stock's 50-day moving average is $26.21 and its 200-day moving average is $27.38. The firm has a market cap of $11.34 billion, a price-to-earnings ratio of 19.53 and a beta of 1.43. The company had revenue of $1.61 billion for the quarter. Discovery Communications had a net margin of 17.50% and a return on equity of 23.67%.

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A number of research firms recently commented on DISCA. The stock presently has a consensus rating of "Hold" and an average price target of $76.60. That equates to $90 per share based on Discovery's closing price on July 21, 2017 which is a 34 percent premium to Scripps' unaffected share price of July 18.

"We view the deal as among the most logical in media", RBC Capital Markets analyst Steven Cahall said in a recent report. The Company provides content across multiple distribution platforms, including pay-television (pay-TV), free-to-air and broadcast television, Websites, digital distribution arrangements and content licensing agreements. The Company's segments include U.S. Networks, International Networks, and Corporate and Other.

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