Viacom (VIA, VIAB) has informed Scripps Networks Interactive (NYSE:SNI) that it's willing to pay all cash to acquire the $10.6B U.S. TV network operator, Reuters reports.
The move by Viacom, which had $12.2B in debt as of March 31, could potentially mean the company would lose its investment-grade status.
Scripps owns channels such as HGTV, Food Network and Travel Channel, against Discovery Communications.