Discovery Channel’s $12.75 million offer for Financial News Network/Infotechnology’s 51% stake in the Learning Channel has been approved by federal bankruptcy court in New York.
The decision by Judge Francis Conrad, who is presiding over the Chapter 11 filings of FNN and Infotechnology, would seem to clear the way for Discovery to complete its purchase of TLC.
That’s expected to take place on or around May 6, with Discovery planning a May 13 press conference in New York City to disclose specific program strategies for the Learning Channel.
Discovery’s chairman and CEO John Hendricks says the plan is to build TLC “into television’s foremost educational tool.”
Discovery earlier this month reached a definitive agreement to purchase 100% of TLC – reportedly for a total $31.5 million – from FNN and Infotech, as well as the other owners (including 31.5%-owner American Community Service Network).