Discovery Communications has announced that it will acquire Dubai-based media company Takhayal Entertainment and its affiliated companies in Dubai and Egypt, including its flagship food TV network, Fatafeat. The parties are in the final stages of formalising the transfer with the relevant authorities. The announcement was made by Takhayal CEO Youssef El-Deeb and Mark Hollinger, […]
Discovery Communications has announced that it will acquire Dubai-based media company Takhayal Entertainment and its affiliated companies in Dubai and Egypt, including its flagship food TV network, Fatafeat. The parties are in the final stages of formalising the transfer with the relevant authorities. The announcement was made by Takhayal CEO Youssef El-Deeb and Mark Hollinger, CEO of Discovery Networks International.
Discovery stated that the deal will enable it to extend its reach in the growing Middle East and North Africa TV market, and strengthen its existing portfolio of female-targeted lifestyle pay TV brands, including TLC and Real Time, which are available in more than 150 countries outside the U.S. The acquisition will also give Discovery access to a vast library of cooking recipes and the companys local production facility.
Hollinger stated that Discoverys acquisition of Takhayal significantly strengthens our portfolio in this region and adds content in a genre that has proven popular with our viewers around the globe. We look forward to working with Takhayal to leverage their strong position in the Arab world and take Discoverys female-targeted lifestyle content deeper into the marketplace.
Takhayals CEO El-Deeb added that the companys in-house studio has compiled a library of 700 hours of programmes since its launch five years ago.
Takhayal Entertainment will be managed as part of Discoverys Central & Eastern Europe, Middle East and Africa (CEEMEA) region led by Kasia Kieli, President & Managing Director.
Completion of the acquisition is subject to regulatory approval and other customary closing conditions and is expected to occur during the fourth quarter of 2012. Allen and Overy LLP acted as legal advisers to Discovery on the acquisition.
