Eurosport: Discovery Communications complete acquisiton of the sports channel from TF1

The French broadcaster TF1 sold its its minority 49% stake in Eurosport SAS to its US counterpart Discovery Communications on 22/07/2015. The amount of the transaction, effective "in the coming months", amounted to €491m. Discovery Communications now owns a 100% stake in the sports pay-TV group.

The acquisition of Eurosport by Discovery Communications, which began on 21/12/2012 when TF1 wholly owned the group, required TF1 to legally separate its two components, Eurosport France and Eurosport International: Eurosport International was owned by Eurosport SAS and TF1 owned Eurosport France. Discovery Communications increased its stake in Eurosport International from 20% to 51% on 30/05/2014, and increased its stake in Eurosport France from 20% to 100% on 31/03/2015.

The latter transaction was made possible by the repeal of the DTT frequency of Eurosport France, requested by the TF1 group to CSA on 17/12/2014, as a non-European shareholder may hold more than 20% stake a French terrestrial channel. TF1 had an option to sell its 49% minority stake in Eurosport SAS to Discovery during…