Discovery Communications said this morning that it is scooping up Scripps Networks Interactive in a deal worth about $11.9 billion. The move will bring Scripps properties like HGTV and the Food Network under the same roof as the Discovery Channel and Animal Planet.
In case you’ve been feeling uneasy about the rash of media mergers taking place lately, the two companies are here to allay your anxiety with a short video presentation about how everything is okay. The video opens with some schmaltzy music over a gorgeous shot of a golden beach sunset. It proceeds to retell the exalted histories of the two companies, only to go on to explain that the merger will create a massive entity of 50 brands, in 220 companies, with 8,000 hours of original content and counting. On Twitter, analyst Rich Greenfield called it a “sizzle reel.” That’s as good a definition as anything. Read more about the merger on Bloomberg.