Scripps Networks Completes TVN Buy

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.

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Kent Gibbons

Kent has been a journalist, writer and editor at Multichannel News since 1994 and with Broadcasting+Cable since 2010. He is a good point of contact for anything editorial at the publications and for Before joining Multichannel News he had been a newspaper reporter with publications including The Washington Times, The Poughkeepsie (N.Y.) Journal and North County News.