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Discovery explores CBS
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December 29, 1998: 7:19 p.m. ET
Company purchases Eye on the People network for undisclosed cash figure
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NEW YORK (CNNfn) - Discovery Communications Inc., expanding its cable presence, Tuesday acquired the CBS network Eye on the People for an undisclosed amount in cash.
Effective immediately, privately held Discovery owns 100 percent of the network, which focuses on people and personalities and has 11 million cable and satellite subscribers.
Originally, the network was to be operated as a joint venture of the two companies, but over the past five months, the parties concluded that Discovery's strategic objectives warranted its sole ownership.
"Given the realities of the dynamic, ever-evolving cable programming marketplace, we did not think it made sense to co-manage a network," Discovery Networks U.S. President Johnathan Rodgers said.
The network, to be renamed Discovery People, will retain its current focus on reality-based programming, produced by CBS News, Discovery and others. The channel's new identity will debut Jan. 11.
Discovery will manage the new network out of its offices in Bethesda, Md., and expects the distribution of the network to be a hybrid of analog and digital carriage.
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