Fox’s Play for Content Throne Buoys Discovery, Scripps: Real M&A

Stay tuned, because the channels are about to change.

Time Warner Inc., the owner of HBO and TNT, confirmed yesterday that it received a more than $75 billion offer from Rupert Murdoch’s Twenty-First Century Fox Inc. Shares of content providers such as AMC Networks Inc., Scripps Networks Interactive Inc. and Discovery Communications Inc. rallied because they may be the next to seek tie-ups. Media stocks representing about $90 billion of shareholder value are now speculated to be in play, without even including Time Warner.