Scripps Networks Interactive, a developer of lifestyle content for television, internet and mobile platforms, is to acquire a 52.7 percent interest in Poland’s multi-platform media company, TVN from ITI and Canal+ Group
Scripps Networks Interactive will pay an all-cash consideration of €584 million and will also assume €840 million of debt. Following completion, Scripps Networks Interactive will launch a mandatory public tender offer to further increase its ownership interest in TVN, as required under Polish law.
TVN is one of the leading media companies in Poland, with a portfolio of free-to-air and pay TV lifestyle and entertainment channels, including TVN, TVN 7, TVN Style, TTV, TVN Turbo as well as Poland’s 24 hour news channel, TVN24, and business news channel TVN24 Biznes i Swiat. The channels have a 22 percent share of Polish viewing in 2014. TVN Media has a 33 percent share of the market in advertising revenue for TVN’s own portfolio of channels, as well as selling advertising for a number of other commercial broadcasters in Poland.
Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive said, “Poland is a vibrant media market with significant growth potential. TVN has an incredible portfolio of channels and services, and has delivered consistently strong creative and financial performance under the leadership of Markus Tellenbach,” said Lowe. “The business will be a strong addition to Scripps Networks Interactive, and we’re looking forward to working with the whole TVN team to achieve our significant ambitions in the region together.”
USA, Knoxville, TN & Poland, Warsaw
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