Discovery: Acquirer or Target?

(MoneyWatch)  Discovery Communications, the company behind the Discovery Channel and Animal Planet, picked quite the week to go public. Even so, as the financial crisis wreaks havoc on the markets, the company's execs are enthusiastically promoting plans for growth -- CEO David Zaslav told the WSJ (subscription required) that he'd "take a look" at picking up Scripps Networks Interactive if it comes on the market. The company is also eager to grab onto other cable channels and content producers that fit within Discovery's portfolio of "nonfiction" media brands.

Some industry watchers are speculating that an acquisition is indeed on the horizon -- but Discovery is the one that will be the target.

David Lee Smith over at Motley Fool says,

It therefore wouldn't surprise me in the slightest if a company like Comcast -- or perhaps Verizon, or even AT&T -- were to make a run at newly independent Discovery.

Smith cites the cable giants increasing need to pump more content through their pipes.

Discovery's programming is definitely attractive, particularly because it already has a broad presence both domestically and internationally, reaching 1.5 billion subscribers in at least 170 countries. Zaslav has said he expects the fastest growth to come from overseas markets. As paidContent's Joseph Weisenthal points out, much like action movies, Discovery's programming isn't language heavy. Shark Week is terrifying no matter what language it's in.

Discovery, for its part, won't go easily. In a June 11 proxy filing, the company stated it would adopt a preemptive shareholder rights plan to discourage takeover bids.

Plus, the crisis on Wall Street may put something of a damper on any M&A activity. (Even though the media moguls remain aggressively optimistic about the industry's ability to weather the storm).

So what's your take -- does Discovery have what it takes to survive on its own?