Discovery Communications (NASDAQ:DISCA) today announced an agreement to acquire the SBS Nordic assets of ProSiebenSat.1 Group for a total enterprise value of $1.7 billion. SBS Nordic includes 12 television networks in Denmark, Finland, Sweden, and Norway, and other assets.

The deal is the first of its kind for Discovery, as it expands its non-fiction offerings to include sports, entertainment, and scripted programming. The acquisition is subject to regulatory review, and is expected to close in early 2013.

In addition to the television networks, the deal includes SBS Nordic's 19 radio stations and multiple digital brands.

According to Discovery president and CEO David Zaslav, "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 Communications also announced its board has agreed to increase its existing stock repurchase program by $1 billion.

link

Tim Brugger has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.