(MENAFN) Discovery Networks International's CEO, Mark Hollinger, announced that the factual TV network would buy Takhayal Entertainment, the Dubai-based media firm, reported Arabian Business.
Hollinger said that the acquisition would also cover Takhayal's affiliates in Dubai and Egypt, including Fatafeat, the Middle East's number one food network.
The transaction, which is expected to complete by the end of the current year, will expand Discovery's footprint in the growing Middle East and North Africa (MENA) television market; furthermore, it would complement and strengthen its existing portfolio of female-targeted lifestyle PAY TV brands.
After the deal is sealed, Takhayal Entertainment will be managed as part of Discovery's Central & Eastern Europe, Middle East and Africa (CEEMEA) region, led by president and managing director, Kasia Kieli.
Fatafeat broadcasts to nearly 55 million TV households in the MENA region, and the in-house studio comprises a library of 700 hours of programs.
It is worth noting that the two sides are in final stages of formalizing the transaction with the competent authorities.