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Discovery to buy Nordic TV networks for $1.7B

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News,Nation

SILVER SPRING, Md. (AP) — The parent company of the Discovery Channel says it's buying 12 TV networks in Norway, Sweden, Denmark and Finland in a deal worth about $1.7 billion.

Discovery Communications Inc. says the deal with German TV company ProSiebenSat.1 Group for its SBS Nordic operations expands its presence in the Nordic markets.

It also boosts its brand portfolio by adding general entertainment, scripted and sports programming to its lineup of services for the first time. The acquisition also includes SBS Nordic's 19 radio stations and other assets.

The deal is subject to regulatory review and is expected to close in early 2013.

Discovery also says that its board approved a $1 billion increase to its existing stock repurchase program.

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