Discovery Communications has agreed to acquire 100% ownership of Eurosport for $534 million from TF1 Group, which has announced it will exercise a put option on its 49% stake in the company as part of a 2012 agreement.

It marks the latest expansive move for Discovery, which in June closed a groundbreaking deal for pan-continental broadcasting rights to the Olympic Games from 2018-2024.  The agreement today also sees TF1 buying back Discovery’s 20% interest in TV Breizh, Histoire and Ushaia TV for $16 million.

Both transactions are expected to close before the end of the year. DLA Piper LLP served as legal advisors and Rothschild Inc. acted as financial advisor.

“In 2012, we began our investment with a 20% stake in Eurosport and increased that investment to 51% more than a year ago,” said Discovery president and CEO David Zaslav. “Taking full control of Eurosport is the culmination of our commitment to strengthening Eurosport as a premier sports brand and fully integrating this business within Discovery’s unmatched global portfolio.”