Viacom Reportedly Drops Out Of Bidding For Scripps Networks

(RTTNews) - Viacom Inc. (VIAB, VIA), parent of MTV and Nickelodeon, dropped out of the bidding for Scripps Networks Interactive Inc.(SNI), the Wall Street Journal reported, giving Discovery Communications Inc. the upper hand in talks to buy the owner of HGTV and the Food Network.

Viacom's decision was based on price, the report said citing people familiar with the matter. Discovery, part of cable TV billionaire John Malone's media empire, has also been pursuing Scripps and now looks like the sole remaining bidder.

Negotiations between Discovery and Scripps could take several days, the report said. There is no guarantee they will reach a deal.