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MUMBAI: US media firm Discovery will buy Cox Communications'
25 per cent stake in the company for $1.28 billion.
Discovery will also give Cox The Travel Channel and Antenna
Audio, which creates self-guided audio tours used by museums.
Media reports state that after the deal, parent company Discovery
Holding will control two-thirds of Discovery Communications
instead of 50 per cent with Advance/Newhouse Communications
retaining a one-third stake.
Discovery president and CEO David Zaslav says, "This
proposed transaction will simplify Discovery's ownership structure,
further streamline our operations and give the company more
strategic flexibility.
"Discovery is creating a more efficient decisionmaking
process and building a strong, aggressive organisation poised
for continued growth."
Discovery expects the transaction to close by mid-May. |
