PARIS -- TF1, France's leading private web, confirmed Wednesday that it had bought out Canal Plus' and Havas' shares in TV broadcaster Eurosport Intl. and its Gallic unit, Eurosport France for $320 million.
The purchase gives TF1 ownership of the world's most watched sport channel, with 18 million viewers daily. It broadcasts in 17 languages to 54 countries.
A spokesperson for TF1 told
Daily Variety that the broadcaster was "delighted to become 100% owners of a company that is not only profitable but promises a bright international future.''
High on results
Earlier this week, TF1 posted triumphant provisional results for 2000, giving the company's net profit as 250 million Euros ($233.2 million), up 57.8% on 1999, on revenues of $2.08 billion, up 22.5% on 1999. The Eurosport deal came about because of anti-trust laws that gave TF1 the advantage of first refusal following the Vivendi Universal merger. Canal Plus recently announced it was planning to launch a rival sports channel with the cash it made from the sale.
In a management reshuffle following the acquisition, Jean-Pierre Paoli, general manager of Eurosport Intl., has been promoted to chairman and chief executive officer of Eurosport France. Etienne Mougeotte, executive VP and head of broadcasting at TF1, will become a director of Eurosport Intl.
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