Scripps Networks Interactive (SNI) has finalized its acquisition of Polish media company TVN for €584 million (US$647.3 million)
Under the deal, the company will take a 52.7% stake in TVN from ITI and Canal+ Group, and will also assume €856 million of debt.
As previously reported, Polish law dictates that Scripps Networks Interactive – which owns such nets as HGTV, Food Channel and Travel Channel – has three months within closing on the initial purchase to launch a public tender offer to boost ownership interest in TVN to 66%.
The company previously indicated that it is looking to acquire 100% of TVN and delist it from the Warsaw Stock Exchange, though a price for the offer has not yet been declared.
Following the deal, three Scripps Networks Interactive senior executives have been appointed to the TVN supervisory board, including chief development officer Joe NeCastro; Scripps Networks International president Jim Samples; and chief legal officer Cynthia Gibson.
Through their roles on the supervisory board, the trio is to oversee the activities of TVN’s operational management board.
“The acquisition of TVN marks an important step forward in Scripps Networks Interactive’s international expansion strategy and gives us a leadership position in one of the most important media markets in Central Europe,” said Kenneth W. Lowe (pictured), president, chairman and chief executive officer of Scripps Networks Interactive, in a statement.
“TVN is a strong and profitable company run by a great management team under Markus Tellenbach, and we believe our ownership can help ensure that the business continues to grow for the long-term,” the exec continued.
TVN’s roster of free-to-air and pay-TV lifestyle and entertainment channels include TVN, TVN 7, TVN Style, TTV, TVN Turbo, 24-hour news channel TVN24, and business news channel TVN24 Biznes i Swiat. The TVN portfolio secured a 22% market share in Poland in 2014.
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 channel group in 2011.
With files from Kevin Ritchie.