Discovery Agrees to Full Eurosport Takeover

SILVER SPRING: Discovery Communications is acquiring full ownership of Eurosport from TF1 Group for 491 million euros ($534 million).

TF1 will exercise a put option on its 49 percent ownership stake as part of the companies’ previous 2012 agreement. The agreement also includes a provision for TF1 to buy back Discovery’s 20 percent interest in TV Breizh, Histoire, and Ushuaïa TV for 15 million euros ($16 million).

“Discovery Communications is excited to expand and deepen our investment in Eurosport as we continue to strengthen our newest global brand with locally relevant sports rights that create value for fans, advertisers and distributors,” said David Zaslav, the president and CEO of Discovery Communications. “In 2012, we began our investment with a 20 percent stake in Eurosport and increased that investment to 51 percent more than a year ago. Taking full control of Eurosport is the culmination of our commitment to strengthening Eurosport as a premier sports brand and fully integrating this business within Discovery’s unmatched global portfolio. I would like to thank TF1 for being great partners to us on this journey for the past few years.”
 
“We are delighted by the excellent relationship between Discovery and TF1 since we began our partnership in 2012,” added Nonce Paolini, chairman and CEO of TF1. “After an initial phase of creating value via acquisitions of equity stakes, which accelerated the development of Eurosport and the theme channels, we intend to continue our collaboration in the years ahead.”