(By Balachander) Discovery Communications Inc. (NASDAQ: DISCA) has agreed to acquire SBS Nordic operations of German TV company ProSiebenSat.1 Group for a total enterprise value of roughly $1.7 billion (1.325 billion euros).
The Silver Spring, Maryland-based company also announced a $1.0 billion increase to its share buyback plan.
Discovery Communications said the acquisition expands its footprint across the Nordic region and strengthen its brand portfolio by adding general entertainment, scripted and sports programming to the company's suite of services for the first time.
Under the terms of the agreement, Discovery Communications will acquire 12 television networks in Norway, Sweden, Denmark and Finland, among other assets.
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In addition, Discovery agreed to buy a 20 percent minority interest in the Eurosport group, a pan-European multimedia platform, for around $221.6 million.
Citigroup acted as financial advisor to Discovery Communications on the deal.
The deal is expected to be completed early next year.
DISCA shares closed Thursday's regular trading at $60.26.