Breaking: Report Says AT&T Reaches Deal to Buy Time Warner for More Than $80B


Discovery to Buy 12 Nordic TV Channels for $1.7B

By Features FOXBusiness

Discovery Communications (DISCA) has inked a deal to buy 12 television networks in Norway, Sweden, Denmark and Finland from Germany’s largest television company ProSiebenSat.1 for $1.7 billion.

Continue Reading Below

The Silver Spring, Md.-based company, whose cable networks include Discovery Channel, TLC and Animal Planet, said the purchase of SBS Nordic further solidifies Discovery’s long-term growth in the profitable Nordic TV markets.

It also adds general entertainment programs, including sports programming, to Discovery’s suite of service for the first time.

SBS has the No. 2 TV portfolio in Norway with four networks and an overall viewership share of 34%, as well as the third largest portfolio in both Sweden and Denmark.

“SBS Nordic has a fully distributed portfolio of dual revenue stream networks with a terrific management team that will expand Discovery's footprint across the Nordic region, which includes some of the most well-penetrated and stable TV markets in the world," Discovery CEO David Zaslav said in a statement.

The transaction, subject regulatory review, is expected to close in early 2013. Citigroup (C) acted as financial advisor to Discovery Communications.

Continue Reading Below

Also on Friday, Discovery said its board approved a $1 billion increase to the company’s existing stock repurchase program.