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EC conditionally approves Discovery's acquisition of Scripps

The European Commission has approved Discovery Communications Inc.'s proposed acquisition of Scripps Networks Interactive Inc.

The approval, however, is conditional on Discovery's commitment to offer third-party distributors the right, on a non-exclusive and unbundled basis, to distribute TVN24 and/or TVN24 BiS in Poland, the company said Feb. 6.

The closing of the proposed transaction is subject to obtaining additional antitrust clearances and satisfying other customary closing conditions. The transaction is expected to close later in the first quarter.

Until legal close, the companies will continue to operate as separate and independent entities.

In July 2017, Discovery agreed to acquire Scripps in a cash-and-stock deal worth $14.6 billion, or $90 per share.