Knoxville, Tennessee-headquartered Scripps Networks Interactive has entered into an agreement to take a 52.7% interest in Polish multi-platform media network TVN.
Scripps will acquire the stake from ITI and Canal+ Group for an all-cash consideration of €584 million, or approximately US$617 million. Scripps will also assume €840 million, or approximately $887 million, of debt.
TVN’s portfolio of free-to-air and pay TV lifestyle and entertainment channels includes TVN, TVN 7, TVN Style, TVN Turbo, news channel TVN 24 and business channel TVN Biznes I Swiat. The network group garnered a 22% market share in Poland for 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 in a statement.
“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 [TVN S.A. president and CEO],” he added. “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.”
The acquisition follows Scripps Networks Interactive’s establishment of a joint venture partnership with BBC Worldwide for UKTV, after buying Virgin Media’s 50% stake in the cable group in 2011. Scripps currently distributes four international brands – Food Network, Asian Food Network, Fine Living and Travel Channel – across Europe, Middle East and Africa (EMEA); Asia Pacific and Latin America.