Scripps Networks Interactive has entered into an agreement to acquire a 52.7% interest in Poland’s premier multi-platform media company, TVN.
The company has agreed to acquire the stake from ITI and Canal+ Group for an all-cash consideration of €584 million. Scripps Networks Interactive will also assume €840 million of debt.
“This transaction is an important milestone in the ongoing strategic development of our international business, and provides us with substantial further scale in Europe,” says Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive.
The agreement is subject to regulatory approvals. Following completion, Scripps Networks Interactive will launch a mandatory public tender offer to further increase its ownership interest in TVN, as required under Polish law.