16-03-2015

Scripps Networks to Buy TVN Majority Stake

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WARSAW: Scripps Networks Interactive Inc. agreed to buy a 52.7 percent stake in Poland’s TVN SA for 584 m EUR and to assume 840 m EUR of debt. The stake is being bought from Vivendi SA and ITI Group.

According to Bloomberg, the Knoxville, Tennessee-based company will also start a mandatory tender offer to increase its stake as required under Polish law. Gazeta Wyborcza reported last month that Bauer Media Group, Time Warner Inc. and Discovery Communications Inc. had been shortlisted on the TVN deal.

TVN has free-to-air and pay TV assets, including a 24-hour news channel. Its broadcasting business captured 22 percent of Polish viewing last year.