Television Francaise 1 SA sells controlling interest in Eurosport to Discovery Communications Inc

Tuesday, 21 Jan 2014 11:45am EST 

Television Francaise 1 SA (TF1):Says Discovery Communications Inc is to acquire a controlling interest in Eurosport International through an extension of their larger strategic partnership first announced in Dec. 2012.Says the deal to increase Discovery’s interest from 20 to 51 percent accelerates the original agreement by nearly one year.Says the agreement was based on an average enterprise valuation for the Eurosport Group of 902 million euros (about $1.2 billion), from which the value of Eurosport France (85 million euros, about $115 million) has been deducted.Says it expects to retain its 80 percent interest in Eurosport France until at least Jan. 1, 2015.Says this announcement does not impact the other two elements of the original deal – the 20 percent interest Discovery acquired in TV Breizh, Histoire, Ushuaïa TV and Stylia channels, and a production alliance with TF1 Group.Says it will retain the ability to exercise a put option over the remaining 49%, which potentially would increase Discovery’s ownership to 100 percent.Says Rothschild acted as financial advisor to Discovery Communications on this transaction, and DLA Piper served as its legal advisors.Says Darrois Villey Maillot Brochier served as legal advisors to TF1 on this transaction. 

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