Covington Successfully Represents Discovery Communications In DOJ Investigation Into Its Acquisition of Scripps Networks
February 27, 2018
WASHINGTON—Covington successfully represented Discovery Communications, Inc. in a U.S. Department of Justice investigation into Discovery’s acquisition of Scripps Networks Interactive. Discovery announced earlier today that the DOJ closed its investigation into the transaction.
Discovery announced in July 2017 that it had reached a definitive agreement to acquire Scripps Networks in a cash-and-stock transaction valued at $14.6 billion. The acquisition triggered a "second request" investigation by DOJ. Over the course of that investigation, the Covington team persuaded the agency that the acquisition did not pose a threat to competition.
The combination of the companies is expected to extend the international distribution of Scripps Networks’ content, increase opportunities for advertisers and digital distribution partners, and unlock significant cost synergies. The closing of the proposed transaction remains subject to customary closing conditions.
Discovery produces a portfolio of premium nonfiction, lifestyle, sports, and kids content brands including Discovery Channel, TLC, Investigation Discovery, Animal Planet, Science, and Turbo/Velocity, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport. Available in more than 220 countries and territories, Discovery’s programming reaches 3 billion cumulative viewers.
The Covington team was led by Derek Ludwin and James O'Connell and included Ross Demain, Sonia Lahr-Pastor, Habin Chung, Erika Douglas, and Charlene Wang.
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