The ownership structure of factual content media company Discovery is being shaken up with a new publicly-listed entity to be created.
Discovery Holding company and Advance/Newhouse have agreed a deal in principle to fold their interests in Discovery Communications into a new fully public entity.
DHC will fold its other chief asset, creative services company Ascent Media, into a separate, wholly-owned subsidiary. DHC and Advance/Newhouse will control two thirds and one third of the new entity respectively.
Liberty Media spun-off its interest in Discovery in 2005. Earlier this year Discovery communications swapped the Travel Channel with US cabler Cox in return for the 25% stake Cox held in Discovery.
DHC said it did not anticipate changes in Discovery management following the deal.