Scripps Networks Interactive said it will purchase 100% of Polish cable network TVN, a deal that is part of an earlier transaction to purchase a stake in the programming company.
Scripps had said back in March that it would purchase 53% of TVN for about $1.5 billion in cash and assumed debt. Under Polish law, Scripps was obligated to make a tender offer to increase its ownership of the networks up to 66% within three months of the first offer. On June 9, Scripps said it decided to offer to purchase the remaining public ownership of TVN and delist it form the Warsaw Stock Exchange. No price for the offer has been set.
“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realize the strategic and financial opportunities afforded by the TVN acquisition,” said SNI chairman and CEO Ken Lowe in a statement. “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.”
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 24-hour news channel, TVN24, and business news channel TVN24 Biznes i Swiat.