Scripps Networks Interactive Completes Acquisition of Polish Media Company TVN
July 02 2015 - 1:01AM
Business Wire
Scripps Networks Interactive Inc. (NYSE: SNI) has closed on its
agreement to acquire a 52.7 percent interest in Poland’s premier
multi-platform media company, TVN, from ITI and Canal+ Group for an
all-cash consideration of €584 million. Scripps Networks
Interactive will also assume €856 million of debt.
“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, president,
chairman and chief executive officer, Scripps Networks Interactive.
“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.”
Under Polish law, Scripps Networks Interactive is required to
launch a public tender offer to increase its ownership interest in
TVN to 66 percent, within three months of closing on the initial
purchase. Scripps Networks Interactive has previously announced its
intention to acquire 100 percent of TVN and delist it from the
Warsaw Stock Exchange. No price for the offer has yet been set.
Three Scripps Networks Interactive senior executives have been
appointed to the TVN supervisory board. Joe NeCastro, chief
development officer; Jim Samples, president, Scripps Networks
International; and Cynthia Gibson, chief legal officer, will all
sit on the supervisory board, which oversees the activities of
TVN’s operational management board.
TVN is one of the leading media companies in Poland, with a
portfolio of free-to-air and pay TV lifestyle and entertainment
channels including TVN, TVN 7, TVN Style, TTV, TVN Turbo as well as
Poland’s leading 24-hour news channel, TVN24, and business news
channel TVN24 Biznes i Swiat. The channels have enabled TVN to
attract a market-leading 22 percent share of Polish viewing in
2014. TVN Media is Poland’s leading advertising sales house, last
year securing a 33 percent share of the market in advertising
revenue for TVN’s own portfolio of channels, as well as selling
advertising for a number of other commercial broadcasters in
Poland.
The acquisition is the latest move in Scripps Networks
Interactive’s expansion into Europe. In 2011, the company completed
a joint-venture partnership with BBC Worldwide in the United
Kingdom for the UKTV portfolio of 10 entertainment and lifestyle
channels. In addition, Scripps Networks’ international division
distributes seven lifestyle brands including HGTV, Food Network,
Travel Channel, DIY Network, Cooking Channel, Fine Living and Asian
Food Channel, reaching more than 200 million cumulative
subscribers in nearly 180 countries and territories across
Europe, Middle East, Africa, Asia Pacific, Latin America and the
Caribbean.
Scripps Networks Interactive’s financial advisors for the
transaction were Barclays and Blackstone Advisory Partners L.P.,
while legal advice was provided by Latham & Watkins LLP and
Domański Zakrzewski Palinka sp.k.
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of
engaging lifestyle content in the home, food and travel categories
for television, the Internet and emerging platforms. The company's
lifestyle media portfolio comprises popular television and Internet
brands HGTV, DIY Network, Food Network, Cooking Channel, Travel
Channel and Great American Country, which collectively reach more
than 190 million consumers each month. Companion websites
complement on-air programming with video and social media that
inform and inspire. The company’s global networks reach millions of
consumers across North and South America, Asia-Pacific, Europe, the
Middle East and Africa. Scripps Networks Interactive is
headquartered in Knoxville, Tenn. For more information, please
visit http://www.scrippsnetworksinteractive.com.
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