Investors are showing their hands premarket after overnight word that Viacom (VIA, VIAB) is bowing out of the running for what could be an expensive bid for lifestyle TV company Scripps Networks Interactive.
Viacom B shares are up 2.3% premarket. Scripps Networks (NYSE:SNI) is up 2.6% as well, quoting at what would be a 52-week high.
Discovery Communications (NASDAQ:DISCA), meanwhile, left in what would be pole position for a Scripps bid, is down 3.1% premarket -- quoting at $25.75, dipping toward its 52-week low of $23.95.
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