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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.

SEE ALSO: Discovery Mulls Bid for Food Network, HGTV Owner

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.

 

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