Scripps Networks Interactive said it closed on its agreement to buy a 52.7% stake in Poland-based media company TVN, from ITI and Canal+ Group for an all-cash consideration of €584 million ($645 million). SNI also assumes €856 million ($950 million) of debt, the company said.
“The acquisition of TVN marks an important step forward in Scripps Networks Interactive’s international expansion strategy, and gives us a leadership position in one of the most important media markets in Central Europe,” Kenneth W. Lowe, president, chairman and CEO of Scripps Networks Interactive said in a release. “TVN is a strong and profitable company run by a great management team under Markus Tellenbach, and we believe our ownership can help ensure that the business continues to grow for the long-term.”
Under Polish law, Scripps Networks Interactive is required to launch a public tender offer to increase its ownership interest in TVN to 66% within three months of closing on the initial purchase, SNI said. Scripps Networks Interactive has previously announced its intention to acquire 100% of TVN and delist it from the Warsaw Stock Exchange, the company said in the release. No price for the offer has yet been set.
For the full story go to Multichannel.com.
