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Bouygues SA's TF1 - Television Francaise 1 SA and Discovery Communications Inc Continue Exclusive Negotiations

Wednesday, 12 Dec 2012 07:00pm EST 

Bouygues SA subsidiary, TF1 - Television Francaise 1 SA, announced that they are continuing the exclusive negotiations with Discovery Communications Inc. These negotiations are aimed at forging a strategic alliance in three key areas: develop the future activities of Eurosport, develop pay TV content in France, and develop production activities in France via TF1 Production. The alliance would include the acquisition by Discovery Communications Inc of a 20% minority interest in the Eurosport group for a cash consideration of approximately EUR 170 million. Discovery would also have the possibility (via an option granted by TF1) of raising its interest to 51% in two years' time. If Discovery exercised its option, TF1 would have the ability to exercise a put option over the remaining 49%, which potentially would increase Discovery's ownership to 100%. To develop pay TV content in France, Discovery would become a shareholder in the TV Breizh, Histoire, Ushuaia TV and Stylia channels, with a 20% interest in each with the ability to increase to 49% in two years. The acquisition of the 20% interest would involve cash consideration of approximately EUR 14 million. An agreement is expected to be signed in the coming weeks. 

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