Scripps Networks Interactive says it will make public tender offer for Polish media company TVN
Under Polish law, Scripps Networks Interactive is required to initiate a mandatory public tender offer to increase its ownership interest in TVN
KNOXVILLE, Tenn. – June 9, 2015 — Scripps Networks Interactive, Inc., one of the world’s leading developers of lifestyle content for television, Internet and mobile platforms, intends to make a public tender offer to purchase 100% of TVN, Poland’s premier multi-platform media company. The offer will be launched upon completion of Scripps Networks Interactive’s previously announced purchase of a majority ownership stake in TVN from ITI and Canal+ Group.
Under Polish law, Scripps Networks Interactive is required to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66 percent, within three months of completion of the purchase of 52.7 percent in TVN. The company additionally intends to offer to purchase the remaining public ownership in TVN, and delist it from the Warsaw Stock Exchange. No price for the offer has yet been set.
“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realize the strategic and financial opportunities afforded by the TVN acquisition,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “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.”
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.