WARSAW: The upcoming sale of Scripps Networks Interactive by Discovery Communications for 14.6 m USD will have a major influence on the leading Polish private broadcaster TVN which is owned by Scripps Networks Interactive. The sale is planned to be finalized at the beginning of 2018.
The negotiations between Discovery Communications and Scripps Networks Interactive took place from 18 July to 31 July 2017, and were finalized with Discovery buying Scripps shares for 90 USD each, with the total worth of the sale estimated for 14.6 m USD.
The sale will strengthen the position of TVN Group on the Polish market. Scripps Networks bought TVN Group in 2015, when the company paid 854 m EUR for 52.7% of TVN Group shares, and finalized the takeover by buying the rest of the shares from several investors in 2015 and 2016.
In 2016, TVN Group held almost 21% of the total Polish TV market, while Discovery Media holds 2.4 % of the Polish TV market share. Combined, they might become a threat to market leader, the public broadcaster TVP Group, which holds 32% of the market.
"Scripps is one of the bets managed media companies in the world, with excellent assets, strong brands and popular shows", David Zaslav, Discovery Communications CEO, said in an official statement.