Discovery considering bid for Scripps Networks: Report

Discovery Communications
Discovery Communications

Shares of Scripps Networks Interactive soared more than 11 percent after the market closed on Tuesday on a news report that Discovery Communications is considering a bid for the sought-after cable company.

Discovery's board discussed making a possible run at Scripps, home to the Food Network and HGTV, according to a report in Variety citing a person with knowledge of the Discovery board meeting.

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Representatives for Discovery and Scripps Networks declined to comment.

Discovery's businesses include Animal Planet and Discovery Channel, and it operates Oprah Winfrey's OWN Network under a joint venture.

On the distribution side, the cable industry has been a hotbed of potential merger activity. The latest target is Time Warner Cable, which is being circled by competitors Comcast and Charter Communications. (Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC and

(Read more: Comcast seeking advice on antitrust and FCC concerns of Time Warner Cable bid)

Shares of Scripps closed at $75.25 in regular trade on the New York Stock Exchange on Tuesday.

By Reuters