Scripps Networks Interactive, Inc. Securities Litigation
On or around 10/12/2017 (Notice of voluntarily dismissal)
Filing Date: September 20, 2017
On July 31, 2017, Discovery Communications, Inc. (“Discovery”) and Scripps announced that they signed a definitive agreement for Discovery to acquire Scripps in a cash-and-stock transaction valued at $14.6 billion, or $90 per share, based on Discovery’s Friday, July 21 closing price.
The Complaint alleges that the Board conducted a flawed sale process tilted in favor of a transaction with Discovery; that the Board initially rebuffed potential purchasers by informing them that Scripps was not for sale, and later, when the Board began to entertain expressions of interest from Company C and Discovery, the Board did not properly shop Scripps or attempt to arrange for an auction to produce the highest bidder.
This case was voluntarily dismissed on October 12, 2017.
Company & Securities Information
Defendant: Scripps Networks Interactive, Inc.
Industry: Broadcasting & Cable TV
Headquarters: United States
Ticker Symbol: SNI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Eli Inzlicht-Sprei, et al. v. Scripps Networks Interactive, Inc., et al.