Discovery Communications on Tuesday said it completed its acquisition of Scripps Network Interactive.
The new company will be known as Discovery Inc.
“Today marks another critical milestone for Discovery, as we become a differentiated kind of media company with the most trusted portfolio of family-friendly brands around the globe,” said Discovery CEO David Zaslav. “As a new global leader in real life entertainment, Discovery will serve loyal and passionate audiences around the world with content that inspires, informs and entertains across every screen; deliver new ways for advertisers and distributors to reach highly targeted audiences at scale; and leverage our leadership position to create new value and growth opportunities for all of our stakeholders.”
Discovery said the $14 billion acquisition is expected to be accretive to adjusted earnings per share and to free cash flow. The company has said it expects more than $350 million in synergies as it combines operations.
Last week, after receiving approval from the U.S. government, Discovery announced its top management team.
Scripps Networks Interactive CEO Ken Lowe will join Discovery’s board of directors, effective immediately.