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Discovery unit commences exchange offers, consent solicitation for Scripps notes

Discovery Communications Inc. unit Discovery Communications LLC started exchange offers and consent solicitation for Scripps Networks Interactive Inc. notes.

The company said March 5 that it is offering to exchange newly issued 2.75% senior notes due 2019 of Discovery Communications for any and all of Scripps' outstanding 2.75% senior notes due 2019; newly issued 2.80% senior notes due 2020 of Discovery Communications for any and all of Scripps' outstanding 2.80% senior notes due 2020; newly issued 3.50% senior notes due 2022 of Discovery Communications for any and all of Scripps' outstanding 3.50% senior notes due 2022; newly issued 3.90% senior notes due 2024 of Discovery Communications for any and all of Scripps' outstanding 3.90% senior notes due 2024; and newly issued 3.95% senior notes due 2025 of Discovery Communications for any and all of Scripps' outstanding 3.95% senior notes due 2025.

In exchange for each $1,000 principal amount of old notes of a series that is validly tendered prior to 5 p.m. ET on March 16, and not validly withdrawn, holders will be eligible to receive the total exchange consideration, which consists of $1,000 principal amount of the applicable series of new notes and a cash amount of $1.00. The total consideration includes the early participation premium, which consists of $50 principal amount of the applicable series of new notes.

In exchange for each $1,000 principal amount of old notes of a series that is validly tendered after 5 p.m. ET on March 16 but before the expiration date, holders will be eligible to receive only the exchange consideration, which is equal to the total consideration less the early participation premium and so consists of $950.00 principal amount of the applicable series of new notes and a cash amount of $1.00.

The exchange offers will expire immediately after 11:59 p.m. ET on March 30, unless extended. Also, Scripps is soliciting consents from each eligible holder.

D. F. King & Co. Inc. is the information agent for the exchange offers.