Davis Polk is advising the sole lead arranger and sole bookrunner in connection with a $9.6 billion senior unsecured bridge loan facility for Discovery Communications, LLC. The facility would be available to Discovery to pay a portion of the cash consideration for its acquisition of Scripps Networks Interactive, Inc. at an implied total transaction value of $14.6 billion, including the assumption of Scripps’ net debt.
Discovery Communications owns a portfolio of premium nonfiction, lifestyle, sports and kids content brands including Discovery Channel, TLC, Investigation Discovery, Animal Planet, Science and Turbo/Velocity, as well as OWN: Oprah Winfrey Network in the U.S., Discovery Kids in Latin America, and Eurosport. Available in more than 220 countries and territories, Discovery’s programming reaches 3 billion cumulative viewers.
Scripps Networks Interactive, Inc. is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company’s lifestyle media portfolio includes leading TV and entertainment brands HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel and Great American Country. The company’s global networks and websites reach millions of consumers across North and South America, Asia-Pacific, Europe, the Middle East and Africa.
The Davis Polk finance team included partner Jason Kyrwood and associate Darren Mahone. Partner Derek Dostal and associates Evan Leitner and Mahfouz Basith provided capital markets advice. All members of the Davis Polk team are based in the New York office.