Discovery Communications Inc said it would purchase 12 Nordic television channels from Germany's ProSiebenSat.1 Media AG for about $1.7 billion to add entertainment, scripted shows and sports to its program offerings.Discovery, whose cable networks include Discovery Channel, TLC and Animal Planet, said it would take 20 percent equity stakes in French television group TF1's Eurosport Group and four pay-TV channels in France.The U.S. company also said its board had approved a $1 billion increase to its existing stock buyback program.ProSiebenSat.1 said it intended to return part of the proceeds to shareholders though dividend payments. It plans a dividend of about 5.60 euros per share after completion of the sale, which is expected in the first quarter.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA remained unchanged at $60.26. In the past year, the shares have traded as low as $39.33 and as high as $63.20. On average, 1286470 shares of DISCA exchange hands on a given day and today's volume is recorded at 0.
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