WASHINGTON — Silver Spring, Maryland-based Discovery Communications will keep its headquarters in downtown Silver Spring, ending speculation that its planned $12 billion acquisition of Food Network owner Scripps Networks Interactive could lead to a relocation.
Discovery will get a $625,000 loan from the Maryland Department of Commerce and a $375,000 grant through Montgomery County’s Economic Development Fund.
The company plans to invest $10 million in its downtown Silver Spring headquarters, at One Discovery Place, and relocate 230 employees from its creative and technical center on Kennett Street to its main headquarters.
Discovery has about 1,300 full-time employees in Maryland and 7,000 total worldwide.
Discovery opened its Silver Spring headquarters in 2015, anchoring a revitalization of downtown Silver Spring.
In July, Discovery announced plans to acquire Scripps Networks, whose channels include The Food Network and Travel Channel.
Scripps is headquartered in Knoxville, Tennessee. At the time the acquisition was announced, Discovery did not say any consolidations of headquarters would be part of the combined companies.