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Homedeals and iposA deal could be coming soon for the owner of HGTV and...

A deal could be coming soon for the owner of HGTV and the Food Network, sources say

  • Viacom, Discovery Communications battle it out for Scripps.
  • Deal has a rolling deadline, sources told CNBC.

Kenneth W. Lowe, Chairman of the Board, President and CEO of Scripps Networks Interactive rings the NASDAQ Opening Bell at NASDAQ on June 2, 2016 in New York City.Slaven Vlasic | Getty Images

Scripps Networks Interactive is expected to decide between bids from Viacom and Discovery Communications by early next week, sources told CNBC.

The family behind the media company Scripps is said to want 50 percent in cash, the sources said.

Scripps, home to the HGTV and Food Network lifestyle channels among others, has been talking to Viacom and Discovery, it was reported last week. Any deal has a rolling deadline, the sources told CNBC.

Scripps shares are up 12 percent this year, including a 4.4 percent gain in Tuesday trading. The company has a market value of $10 billion, according to FactSet.

Discovery, with a market value of $15 billion, and Viacom, valued around $14.8 billion, are battling for Scripps to bolster their offerings in a market that has been fragmented by consumers dumping cable for streaming services like Netflix and Hulu.


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