Scripps Networks Interactive has completed the acquisition of a 52.7% stake in the Polish national commercial broadcaster TVN from ITI and Canal+ Group.
The deal, announced earlier this year, sees it pay €584 million for 100% shares in N-Vision, which directly and indirectly through Polish Television holds the 52.7% interest in TVN.
Scripps Networks Interactive assumes both the debt on level of Polish Television Holdings and TVN of €300 million and €556 million nominal value, respectively.
Under Polish law, Scripps is required to launch a public tender offer to increase its ownership interest in TVN up to 66% within three months of closing on the initial purchase. Although Scripps has previously announced its intention to acquire 100% of TVN and delist it from the Warsaw Stock Exchange, no price for the offer has yet been set.
Commenting on the closure, Markus Tellenbach, president and CEO of TVN, 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.”
Kenneth W. Lowe, chairman, president and CEO of Scripps Networks Interactive, added: “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.”