×

Yahoo Has Not Approached Scripps About Buying Food Network: Sources

Contrary to a report that Yahoo held discussions with Scripps Networks Interactive about the possibility of acquiring Food Network or the whole company, two individuals with direct knowledge of the situation said Yahoo has not even made overtures to SNI about any prospective deals.

A report Thursday by Business Insider, citing an anonymous source, said Yahoo entered into talks with SNI to acquire Food last year. Those discussions then progressed to explore the potential of Yahoo buying the entire company, whose other networks include HGTV and Travel Channel, according to the BI story.

However, while Yahoo mulled buying Food or other Scripps properties internally, the Internet media company has not — either formally or informally — ever approached SNI about a potential deal, according to the sources. The companies haven’t had any such discussions to date. Scripps Networks currently has a market cap of more than $10 billion; Yahoo had about $10.3 billion in cash and equivalents as of Sept. 30, 2014.

Reps for Yahoo and SNI declined to comment. “We don’t comment on rumors or speculation,” a Yahoo spokeswoman said.

Yahoo also “may have interest in buying CNN,” according to the BI report. Reps for CNN did not respond to requests for comment; a spokesman for parent company Time Warner declined to comment.

The BI report was written by Nicholas Carlson, whose book “Marissa Mayer and the Fight to Save Yahoo” is slated to be released Jan. 6.

Chatter about Yahoo’s supposed interest in cable TV comes after the company landed a windfall of billions in cash following the blockbuster IPO of Chinese e-commerce giant Alibaba Group. Since then, there’s been copious speculation about what Yahoo might do with the money, including suggestions it could merge with AOL.

Since Alibaba’s September IPO, Yahoo has clinched one major deal — announcing a pact in November to acquire BrightRoll, a programmatic video-advertising platform, for $640 million in cash.

In late 2013, Discovery Communications held preliminary talks with SNI about an acquisition, as first reported by Variety. However, that deal never came to pass.

More TV

  • Natalie Dormer

    Natalie Dormer Joins 'Penny Dreadful: City of Angels' at Showtime

    Natalie Dormer has been cast in upcoming drama series “Penny Dreadful: City of Angels” in a lead role, Variety has learned. Described as a spiritual descendant of the original “Penny Dreadful,” the new series opens in 1938 Los Angeles. When a grisly murder shocks the city, Detective Tiago Vega is embroiled in a story that [...]

  • EP_6_0036.ARW

    Neil Gaiman on ‘Good Omens’ Series and Honoring Terry Pratchett’s Legacy

    Neil Gaiman has spent two years working on the TV adaptation of his and Terry Pratchett’s novel “Good Omens” and told an international TV crowd this week he dedicated himself to the task to honor a request from his friend and co-writer, who died in 2015. “I didn’t in any real sense of the word [...]

  • TEST

    Desus and Mero Promise 'Cultural Paradigm-Shifting S---' at Series Premiere

    The stars of Showtime’s new late-night series “Desus & Mero” stand ready to unite a bitterly divided nation with rapier wit delivered with Bronx flair. Desus Nice and the Kid Mero were revved up Thursday night as the they gathered with friends, family and crew members in at the Clocktower in Manhattan for the premiere [...]

  • Black Mirror

    Banijay Group, Endemol Shine Renew Sale Talks

    Three months after Endemol Shine told its management it was calling off the sales process, talks are again underway with French company Banijay Group over a possible sale, Variety has confirmed. Banijay had previously made a bid to acquire Endemol Shine, the joint venture between 21st Century Fox and Apollo Global Management that is behind [...]

  • Jussie Smollett

    Jussie Smollett Removed From Final 'Empire' Season 5 Episodes Following Arrest

    Jussie Smollett has been removed from the final Season 5 episodes of the Fox series “Empire” in the wake of his arrest Thursday morning. “The events of the past few weeks have been incredibly emotional for all of us” said series executives Lee Daniels, Danny Strong, Brett Mahoney, Brian Grazer, Sanaa Hamri, Francie Calfo and [...]

  • Ava Duvernay poses in the press

    Ava DuVernay, Lisa Nishimura, Casey Bloys Among New TV Academy Exec Committee Members

    Emmy winner and Oscar nominee Ava DuVernay is among the six notable industry figures who have been appointed to the Television Academy’s executive committee by new chairman/CEO Frank Scherma. DuVernay, whose recent TV credits include the documentary “13th” and drama “Queen Sugar,” will be joined on the committee by HBO programming president Casey Bloys; former [...]

  • The Play That Goes Wrong review

    BBC Orders Comedy Series Based on ‘The Play That Goes Wrong’

    The BBC has greenlit “The Goes Wrong Show,” a new series based on Mischief Theatre’s popular “The Play That Goes Wrong” stage production about a troupe that puts on disastrous plays. The stage show has transferred from London’s West End to Broadway for a J.J. Abrams-produced version described by Variety as “a broad, silly and [...]

More From Our Brands

Access exclusive content