Discovery Communications said Tuesday that it has completed
its acquisition of SBS Nordic, the Scandinavian media operations of
ProSiebenSat 1 Group, for about $1.7 billion.
Discovery first announced
the deal in December. Discovery will combine SBS Nordic's 12 television
networks, radio stations and digital brands with its existing eight brands in
Norway, Sweden, Denmark and Finland to create a regional business named SBS
"The formation of SBS Discovery Media solidifies Discovery's
long-term growth in some of the most well-penetrated and stable TV markets in
the world, while also expanding Discovery's brand portfolio by adding scripted
entertainment programming to the company's suite of genres," Discovery CEO
David Zaslav said in a statement. "This acquisition, along with the
recent announcement of Discovery's equity stake in Eurosport, is a continuation
of a 25-year strategy of investing internationally to build the most extensive
global footprint in media and extending our presence in key markets to support
long-term growth and diversify the company's offerings."