With its stock price rising and earnings soaring, Scripps Networks Interactive Inc. may be a
takeover target, according to online reports.
The Knoxville-based company’s stock price pushed to a new 52-week high on Monday, hitting a peak of $61.17. The company’s stock started the year around $43. That kind of gain coupled with second quarter earnings of $142 million, or 93 cents per share, are reasons takeover talk is bubbling this week.
Citigroup analysts say Disney may have its eye on the lifestyle media company and its audience, according to TheStreet, a digital financial media company.
Here’s an excerpt fromTheStreet report:
“By adding Scripps and its popular cable channels Food Network, HGTV, Travel and DIY, Disney would be able to target the same adult women watching its ABC shows Desperate Housewives and Dancing’ with the Stars, but with higher margins, said the Citi analysts led by Jason Bazinet, in a report.”
Takeover talk may be just that – talk – but Disney and Scripps did hook up at Comic-Con International in San Diego last month.
Click here for Scripps’ official Cindy McConkey’s blog report on the Comic-Con project.
Wall Street Cheat Sheet: … Disney MIGHT buy Scripps
Zacks Equity Research: Excellent 2Q for Scripps Networks
Photo: Scripps Networks headquarters in Knoxville. (News Sentinel archives)
Full disclosure: I own a small number of SNI shares.