Shares increase by 15% after Variety report on possible acquisition
Shares in Scripps Networks Interactive, parent company of Food Network, HGTV and other lifestyle cablers, spiked in after-hours trading on the news that Discovery Communications is considering making a bid for the company.
SNI shares soared 14.5% after Variety reported that Discovery board members discussed the possibility of a bid at the company’s board meeting Tuesday.
SNI shares hit $86.15 in a flurry of after-hours activity, well past the company’s 52-week high of $81.21. The stock was up less than 1%, at $75.25, at close of regular trading.
Reps for Discovery and SNI declined comment on the prospect of a sale.