Scripps Networks to acquire Poland's TVN
DetailsMichelle Clancy | 10 June 2015
Leading US leading media/content company Scripps Networks Interactive plans to acquire TVN, Poland's premier multi-platform pay-TV company.
image003The offer will be launched upon completion of Scripps Networks Interactive's previously announced purchase of a majority ownership stake in TVN from ITI and Canal+ Group.
Under Polish law, Scripps Networks Interactive is required to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66% within three months of completion of the purchase of 52.7% in TVN. The company additionally intends to offer to purchase the remaining public ownership in the pay-TV firm, and delist it from the Warsaw Stock Exchange. No price for the offer has yet been set.
"Taking full ownership of TVN will enable Scripps Networks Interactive to fully realise the strategic and financial opportunities afforded by the TVN acquisition," said Kenneth Lowe, chairman, president and CEO of Scripps Networks Interactive. "TVN is a strong and compelling business in one of Europe's key media markets, and under Markus Tellenbach's leadership, it will play an important role in our continued expansion in the region."