As was largely expected last week when Discovery Communications put in a bid to acquire Scripps Network, Viacom has now entered the bidding. Within 24 hours Scripps had rejected the bid and opted to enter exclusive discussions with Discovery, according to the Wall Street Journal. In the buccaneering days of Viacom, the 76 year old Sumner Redstone (now 94) pulled off a deal to acquire CBS in the biggest deal in US media up to that date in 1999. In a five year period Sumner had gone from the steady business of acquiring movie theaters under the National Amusements banner, to owning the largest US national TV and radio broadcaster (CBS), a major motion picture studio (Paramount), and the Blockbuster…