Warner Bros. Discovery acquired Eurosport International (TF1 Group) for approximately EUR 253 million ($343 million), subject to working capital adjustments (for the move from 20% to 51%), a transaction completed in May 2014, structured as all cash (controlling-interest acquisition: ownership increased from 20% to 51%).
Eurosport International (TF1 Group) operates in International Networks / sports, is based in Paris, France; pan-European and Asia-Pacific distribution. Discovery Communications acquired a controlling interest in Eurosport International, Europe's leading pan-European sports media platform, increasing its ownership stake from 20% to 51% by buying out part of TF1 Group's holding. The deal accelerated a larger strategic partnership with TF1 first announced in December 2012 and brought Eurosport's six pay-TV brands (Eurosport, Eurosport HD, Eurosport 2, Eurosport 2 HD, Eurosport Asia-Pacific and Eurosportnews) under Discovery's control.
On January 21, 2014 the Company entered into an agreement with TF1 to acquire a controlling interest in Eurosport International by increasing Discovery's ownership stake from 20% to 51% for cash of approximately EUR 253 million ($343 million) subject to working capital adjustments. Due to regulatory constraints the acquisition initially excluded Eurosport France, in which Discovery retained a 20% equity interest and a commitment to acquire a further 31% beginning 2015.
Eurosport gave Discovery scale in live sports — a genre it had largely lacked — across Europe and Asia, strengthening its position as the world's #1 pay-TV programmer and adding 'must-have' content for advertisers and affiliates. Part of Discovery's International Networks segment
Eurosport is one of the strongest, most dynamic sports platforms in the world. Over the past year, as we have been working directly with our partners from TF1, it became clear that combining the power of Eurosport's brands and audience reach with Discovery's network portfolio, boots on the ground, and country-specific expertise creates an unrivaled and powerful offering for viewers, advertisers and affiliates.David Zaslav, President & CEO, Discovery Communications
Advisory firms were not disclosed for this transaction.