Discovery will pay $90 a share for Scripps, a premium of 34% to Scripps' share price on July 18, prior to reports that a deal was in the works.
Scripps shares were rising 1.6% in premarket trading to $87.75.
The transaction is expected to close by early 2018.
"This is an exciting new chapter for Discovery. Scripps is one of the best run media companies in the world with terrific assets, strong brands and popular talent and formats," said David Zaslav, president and CEO of Discovery Communications.
The merger combines Discovery's Animal Planet, Discovery Channel and Investigation Discovery with Scripps' HGTV, Food Network and DIY Network.
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