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Discovery elects to exercise cash top-up option under Scripps deal

Discovery Communications Inc. elected to exercise in full the cash top-up option under its merger agreement with Scripps Networks Interactive Inc.

As of the close of trading March 1, the volume weighted average price of the Discovery Series C common stock on the Nasdaq Global Select Market measured cumulatively over the 15 trading days ending on the third trading day before the completion of the merger was $22.8471, the company said in a Form 8-K filed March 2.

Therefore, assuming the closing of the merger on the anticipated closing date, the Scripps merger consideration will consist of $65.82 in cash and 1.0584 shares of Discovery Series C common stock for each Scripps share for Scripps shareholders electing the mixed consideration or not making an election; for Scripps shareholders electing the cash consideration, $90 in cash for each Scripps share; and for Scripps shareholders electing the stock consideration, 3.9392 shares of Discovery Series C common stock for each Scripps share.