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Discovery to buy
The parent company of the Discovery Channel said it is buying 12 TV networks in Norway, Sweden, Denmark and Finland in a deal worth $1.7 billion. Discovery Communications Inc. said the deal with German TV company ProSiebenSat.1 Group expands its presence in the Nordic markets. It also boosts its brand portfolio by adding general entertainment, scripted and sports programming.
Apple Inc. shares fell to their lowest price in a month after Steven Milunovich, an analyst at UBS AG, cut his price estimate to $700 from $780, citing concern that growth may slow for the iPhone and iPad. Shares of Apple closed Friday at $509.79, down $19.90 for the day, or nearly 4 percent. Apple shares are down 25 percent since they closed at a record high of $702.10 on Sept. 19.
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