Details of the deal were not disclosed, but reports have suggested the deal is worth £175m. NBC Universal said that the deal would not only expand its presence internationally and add 60m subscribers, but also that it would give the company inroads to a more female market. Its assets presently include NBC, the Sci-Fi Channel and Studio Universal.
Jeff Zucker, who took up the role of president and CEO of NBC Universal in February this year, said: "This is a perfect strategic investment for NBC Universal and illustrates our commitment to growing our company internationally.
"It is another step, among several we will take in the next year, to transform our entire portfolio, with an eye toward high-growth areas. Our combined assets will now allow us to build leading global brands and create scale in the international marketplace."
Sparrowhawk Media is chaired by former Five chief executive David Elstein. It acquired Crown Media Holdings, owner of Hallmark, in 2005 for £120m. Since then it has expanded with the launch of Movies 24 and KidsCo.
Elstein said: "We have not been looking for a sale, but the opportunity of joining our assets with those of NBC Universal is unique, and offers our staff, customers and suppliers the prospect of a yet more exciting and expansive future."
NBC Universal said it planned to roll out the Movies 24 TV channel internationally in the near future. Other UK Sparrowhawk launches will go ahead, including Diva TV, in October, and Hallmark +1, due early in 2008. In the UK, Hallmark airs shows such as 'House' and 'Hustle'.
Details of the structure of the company following its acquisition are yet to be hammered out, but NBC Universal said that the operations would be merged into its global networks division, which will be headed by Roma Khanna, the newly appointed president of the division.
_1.jpg)
.jpg)
