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Discovery Communications: A High Price for Continued Uncertainty?

Just because you know something is going to happen, doesn't mean that it's priced into the market. That's one lesson from today's announcement that Discovery Communications (DISCA) would acquireScripps Networks Interactive (SNI) for $14.6 billion including debt, or $90 a share.

It wasn't like the announcement was exactly a surprise. In my Trader column this weekend, I wrote that it looked like Discovery would be the winner in the race to acquire Scripps, with the potential price put at $91 a share. I also wrote that acquiring Scripps wouldn't solve Discovery's long-term problems, and that the...