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Scripps completes acquisition of controlling interest in TVN
MUMBAI: US lifestyle broadcaster Scripps Networks Interactive has acquired a 52.7 per cent interest in Polish broadcaster TVN from ITI and Canal+ Group.
Scripps Networks Interactive has paid all-cash consideration of EUR 584 million for 100 per cent of shares in N-Vision, which directly and indirectly through Polish Television Holdings holds approximately 52.7 per cent interest in TVN S.A.
Scripps Networks Interactive assumes both the debt on level of Polish Television Holdings and TVN of EUR 300 million and EUR 556 million nominal value, respectively.
TVN president, CEO Markus Tellenbach said, ”Closing of this agreement by Scripps Networks Interactive is a key step to further development of TVN in Poland and in the region. With strategic support of the new owner we are now in an ideal position to strengthen our premium programming portfolio as well as to expand the scope of national and international content exploitation across multiple digital media platforms. We are looking forward to mutually benefit from the cooperation with our new majority shareholder.”
Scripps Networks Interactive chairman, president, CEO Kenneth W. Lowe 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. 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 up to 66 per cent, within three months of closing on the initial purchase. Scripps has previously announced its intention to acquire 100 per cent of TVN and delist it from the Warsaw Stock Exchange. No price for the offer has yet been set.