Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) - The parent company of the Discovery Channel is close to buying a stake in Europe's leading sports network, Eurosport.
TF1, the Paris-based media group that owns Eurosport, says Discovery Communications could pay (EURO)170 million in cash for a 20 percent stake in Eurosport.
The planned deal gives Discovery the option of lifting its stake in Eurosport to 51 percent in two years, and gives TF1 the option of then selling the remaining 49 percent to Discovery as well.
The two companies are also negotiating for Discovery to take 20 percent stakes in a range of TF1's smaller theme channels for (EURO)14 million.
An agreement is expected to be signed in the coming weeks, TF1 says.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
