Discovery is in the lead to acquire Scripps Networks

  • Discovery Communications could soon reach a deal to acquire Scripps Network Interactive
  • The firm is reportedly offering a cash-and-stock bid that values Scripps around $90 per share

U.S. media company Discovery Communications in the lead to acquire U.S. cable TV network owner Scripps Network Interactive, people familiar with the matter said on Wednesday.

Discovery has entered into exclusive talks with Scripps after prevailing over a rival offer from Viacom, another U.S. media company, one of the sources said.

While a deal could come as early as next week, negotiations are ongoing and no agreement is certain, the sources added.

The exact value of Discovery's offer could not be learned, but sources said it is a cash-and-stock bid, comprising mostly cash, and valuing Scripps in the region of $90 per share.

The sources asked not to be identified because the negotiations are confidential. Viacom, Scripps and Discovery declined to comment.