Scripps Posts In-Line 3Q; Discovery Merger Remains Focus
Scripps reported an in-line third quarter as the company is focused on the merger with Discovery. Revenue growth of 3% was driven by strong distribution growth. We are maintaining our narrow economic moat rating but are lowering our fair value estimate to $87 from $91 based on the deal with Discovery and our lower fair value estimate of $31 for DISCK shares. We continue to expect the deal to close in the near future. If the merger were to be terminated, our stand-alone fair value estimate for Sc...
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