Scripps Networks Interactive plans to acquire full ownership of TVN Poland.
The Food Network and Travel Channel operator will make a public tender offer to take over the Polish lifestyle and entertainment channel operator upon the completion of the company’s previous offer to purchase a 52.7% majority stake from ITI and Canal+ Group for approximately US$617 million.
Under Polish law, Scripps has three months following the completion of the majority interest purchase to initiate a mandatory public tender offer to increase its ownership in TVN to 66%. However, Scripps will offer to take all remaining ownership and de-list TVN from the Warsaw Stock Exchange.
The price of the offer has not been set.
TVN’s portfolio of free-to-air and pay-TV channels includes TVN, TVN 7, TVN Style, TVN Turbo, news channel TVN 24 and business channel TVN Biznes I Swiat. In 2014, the network group garnered a 22% market share in Poland.
“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realize the strategic and financial opportunities afforded by the TVN acquisition,” said the company’s chairman, president and CEO Kenneth W. Lowe (pictured) in a statement. “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.”
The TVN deal 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.
In addition to Food Network and Travel Channel, the company operates international channel brands Asian Food Network, Fine Living and Travel Channel across Europe, Middle East and Africa, Asia Pacific and Latin America.