Silver Spring-based media giant Discovery Communications (Nasdaq: DISCA, DISCB, DISCK) announced today that it will increase its current stake in Eurosport from 51 percent to 100 percent, taking full control and ownership.
The price tag for the remaining 49 percent stake in Eurosport came to €491 million Euros, the equivalent of $535.56 million at current exchange rates.
“In 2012, we began our investment with a 20% stake in Eurosport and increased that investment to 51% 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.” said David Zaslav, President and CEO of Discovery Communications.
TF1 Group, which held the remaining stake, decided that it would exercise a put option on its ownership as part of the companies’ previous 2012 agreement.
This past June Discovery/Eurosport won the TV rights to air the Olympics Games in Europe for nearly a decade, from 2018 to 2024.