Scripps Networks Interactive, a developer of lifestyle content, has entered into an agreement to acquire a 52.7 per cent interest in Poland’s multi-platform media company, TVN.
The company has agreed to acquire the stake from ITI and Canal+ Group for €584 million. Scripps Networks Interactive will also assume €840 million of debt. Following completion, Scripps Networks Interactive will launch a mandatory public tender offer to further increase its ownership interest in TVN, as required under Polish law.
TVN has a portfolio of free-to-air and pay-TV lifestyle and entertainment channels, as well as 24 hour news channel, TVN24. The channels enabled TVN to secure a market-leading 22 per cent share of Polish viewing in 2014.
“This transaction is an important milestone in the ongoing strategic development of our international business, and provides us with substantial further scale in Europe,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive.
“Poland is a vibrant media market with significant growth potential. TVN has an incredible portfolio of channels and services, and has delivered consistently strong creative and financial performance under the leadership of Markus Tellenbach,” said Lowe. “The business will be a strong addition to Scripps Networks Interactive, and we’re looking forward to working with the whole TVN team to achieve our significant ambitions in the region together.”
“This is a credit to the hard work and commitment of every single employee of TVN in building one of the most successful media companies in Poland,” said Markus Tellenbach, TVN Spresident and chief executive officer. “Ken Lowe and the team at Scripps Networks Interactive understand the importance of the Polish market, and the value of developing compelling content that connects with consumers. We are delighted to be joining the Scripps Networks Interactive family, and we’re excited about developing and strengthening our business for many years to come.”
The acquisition is the latest move in Scripps Networks Interactive’s expansion into Europe. In 2011, the company completed a joint-venture partnership with BBC Worldwide in the United Kingdom for the UKTV portfolio of ten entertainment and lifestyle channels.