US-based Discovery Communications has reached a deal with French television group TF1 to take a controlling stake in Eurosport, which will consolidate Discovery’s position as the world’s largest pay TV operator, the companies said Tuesday.
“The deal to increase Discovery’s interest from 20 to 51 percent accelerates the original agreement (reached in December 2012) by nearly one year,” they said in a joint statement.
The deal values Eurosport at 902 million euros ($1.22 billion).
The amount does not include the value of Eurosport France, the group’s local network, the firms said.
“TF1 expects to retain its 80-percent interest in Eurosport France until at least January 1, 2015,” they said.
Under the deal, Discovery also agreed to buy TF1′s remaining 49-percent stake in Eurosport if TF1 exercises the option to sell it.