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.