Discovery Communications To Buy Minority Stake In Eurosport
Discovery Communications "plans to pay several hundred million dollars for a minority stake" in sports network Eurosport, a unit of French media company TF1, according to Jannarone & Schechner of the WALL STREET JOURNAL. Discovery will "form a strategic partnership with TF1 as a result of the investment." TF1 also owns a major broadcast network in France. While a formal agreement has not been signed, Discovery and TF1 have "entered exclusive negotiations." An announcement "could come shortly." The deal "could help Discovery enter new overseas markets by bundling its channels alongside the Eurosport networks on pay-TV services." Eurosport airs in 59 countries (WSJ, 11/13).