US media group Scripps Networks Interactive plans to buy the rest of Polish pay-TV broadcaster TVN after acquiring 52.7% in a US$1.5bn deal in March.
Polish law required Scripps to make an offer to increase its ownership to up to 66% within three months…
US media group Scripps Networks Interactive plans to buy the rest of Polish pay-TV broadcaster TVN after acquiring 52.7% in a US$1.5bn deal in March.
Polish law required Scripps to make an offer to increase its ownership to up to 66% within three months of it buying the initial stake, which saw it pay local media holding ITI Group and French DTH firm Canal+ a total €584m, while assuming €840m of TVN’s debt.
However, the Tennessee-based group said it intends to buy 100% of the company and delist it from the Warsaw Stock Exchange, although it has yet to set a price for the offer.
“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realise the strategic and financial opportunities afforded by the TVN acquisition,” said chairman and CEO Kenneth Lowe.
“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.”
Canal+ previously held 49% of N-Vision, which owned roughly 51% of TVN. ITI, which owned the rest of N-Vision, also had a small direct stake in TVN.
TVN’s other large shareholders include financial services firms ING, Aviva and PZU.
