Discovery to acquire all of Eurosport

DetailsMichelle Clancy | 23 July 2015

Discovery Communications has agreed to acquire the remaining part of Eurosport that it didn't already own, for $534 million.

Discovery will purchase the 49% stake of the Paris-based sports programmer from TF1 Group. The news comes just over a year after the cable giant took a controlling interest in the company.

"Discovery Communications is excited to expand and deepen our investment in Eurosport as we continue to strengthen our newest global brand with locally relevant sports rights that create value for fans, advertisers and distributors," Discovery CEO David Zaslav said in a statement.

Eurosport recently snagged the European television rights for the Olympic Games, effective for most of Europe from 2018, and in France and the UK from 2022. Under the terms of the 1.3 billion deal (922 million), Discovery and Eurosport will develop a dedicated Olympic TV channel across Europe.

The coup means that the BBC will no longer have the direct rights to the games in the UK from 2022 onwards, although Discovery could lease back the rights to the broadcaster.