Pay TV: Discovery Communications takes control of Eurosport International (51%) for €253.3m

U.S. pay-TV company Discovery Communications announced the completion of its acquisition of a 51% stake in the sports pay-TV group Eurosport International on 30/05/2014.

Up to then, Discovery Communications owned 20% of Eurosport France and Eurosport International. Under the terms of an agreement made on 21/01/2014 with TF1, Eurosport Group's majority shareholder, its share of Eurosport International would go from 20% to 51% over the course of 2014.

Discovery Communications paid €253.3m to become the majority shareholder of Eurosport International. The agreement with TF1 is based on an average company valuation of €902m, from which €85m is subtracted, corresponding to the value of Eurosport France.

TF1 retains the right to sell its remaining 49% stake in Eurosport International, which would bring ownership by Discovery to 100%.

• Discovery Communications bought 20% of Eurosport International and Eurosport France from TF1 on 21/12/2012 for €170m.
• Under agreements between the two groups, Discovery had an option to increase, by 21/12/2014, its ownership of Eurosport International…