Discovery to Pay $1.7 Billion for Nordic TV Stations

“Discovery Communications Inc. DISCA -2.00% on Friday said it has agreed to buyProSiebenSat.1 Media AG’s PSM.XE +4.04% Nordic assets for $1.7 billion, beating out a rival bidder in a move that will enable the cable-network company to expand in Europe.

“SBS Nordic has a fully distributed portfolio of dual revenue stream networks with a terrific management team that will expand Discovery’s footprint across the Nordic region, which includes some of the most well-penetrated and stable TV markets in the world,” Discovery Chief Executive David Zaslav said.

Discovery was one of two final bidders—the other was Providence Capital Partners—for what is commonly referred to as SBS Broadcasting Group, home to the Scandinavian TV stations currently owned by Germany’s ProSiebenSat.1 Media.

The transaction is expected to close in early 2013.”