Discovery Communications, which owns networks like the Discovery Channel, TLC, the Oprah Winfrey Network and Animal Planet, is planning to acquire Scripps Networks Interactive for nearly $12 billion.
Scripps owns HGTV, the Food Network, the Cooking Channel and the Travel Channel, among other brands. When combined, the two companies command nearly 20 percent of "ad-supported pay-TV viewership in the U.S.," according to Discovery.
The purchase is expected to be finalized by early 2018. The deal's full cost is $14.6 billion, which includes $2.7 billion in debt currently carried by Scripps. (NPR President and CEO Jarl Mohn is a member of Scripps' board.)