Discovery Communications Completes Eurosport Takeover

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Discovery Communications CEO David Zaslav

The deal to take majority control of the European sports entertainment network from France's TF1 values Eurosport at $1.2 billion.

Discovery Communications on Friday completed its takeover of Eurosport International, boosting its stake in the European sports network to 51 percent.

Discovery acquired the Eurosport shares from French network TF1. As part of the deal, TF1 will have a put option to sell its remaining 49 percent stake in Eurosport to Discovery. The French group, however, is expected to retain its 80 percent share in local operation Eurosport France until at least January 1, 2015.

STORY: Discovery to Take Control of Eurosport International

The deal, announced earlier this year, will further strengthen Discovery's position in Europe. Last year, Discovery paid $1.7 billion to buy Scandinavian channel group SBS Nordic from Germany's ProSiebenSat.1.

Eurosport operates six pay-TV channels carried across the continent. Its flagship Eurosport network reaches 133 million homes across 54 countries in 20 languages and airs coverage of such events as the soccer World Cup and cycling’s Tour de France.