US factual broadcaster has the option of taking a controlling stake in the European company in two years
US factual broadcaster Discovery is moving into sports programming, paying $170m (£134m) for a 20% stake in Eurosport, with an option to take a controlling stake in the European company in two years.
Discovery's deal to take a stake in Eurosport group, parent of Eurosport International and Eurosport France, values the business at €850m (£690m). Discovery owns channels including Discovery, TLC, Animal Planet and the Oprah Winfrey Network.
As part of the deal Discovery has the option to increase its stake to 51% in two years. If the company does TF1, the parent of Eurosport, has the ability to then exercise a put option over the remaining 49% to that would see Discovery take full control.
