Scripps Networks Interactive has confirmed its intentions to make a public tender offer to acquire 100% of Polish broadcaster TVN.
The offer is to be launched upon completion of SNI’s purchase of a majority ownership stake in TVN from ITI and Canal+ Group. SNI is required by Polish law to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66%, within three months of completion of the purchase of 52.7% in TVN.
“The announcement by Scripps Networks Interactive to take 100% ownership of TVN is welcomed by the TVN management board, which when successful will allow both companies to fully exploit the strategic development opportunities and financial benefits in Poland and the region,” comments Markus Tellenbach, President of the Management Board and Chief Executive Officer of TVN. “I look forward to working closely with Kenneth Lowe and his team to expand TVN’s operating business whilst leveraging its strong asset base to accelerate growth in the vast changing media industry in Poland and abroad.”