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Discovery, Scripps seek shareholder approval for planned deal

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Discovery, Scripps seek shareholder approval for planned deal

Discovery Communications Inc. and Scripps Networks Interactive Inc. are seeking approval from their respective stockholders with respect to the planned merger between the two companies.

Discovery in July agreed to acquire Scripps in a cash-and-stock deal worth $14.6 billion, or $90 per share. Pursuant to the proposed deal, Scripps shareholders will receive $90 per share, comprising $63 per share in cash and $27 per share in class C common shares. Discovery is seeking approval from its shareholders for the issuance of shares of the company's series C common stock to Scripps shareholders at a special meeting of stockholders.

Scripps is asking its shareholders to approve the merger proposal at a special meeting, along with certain compensation payments that will or may be paid to its named executives in connection with the deal.

Both companies have scheduled their respective special stockholders' meetings for Nov. 17.