Monday 16 March 2015

16 March 2015 - US-based media company Scripps Networks Interactive, Inc. (NYSE: SNI) has entered into an agreement to acquire a 52.7% interest in Poland-based media company TVN, the company said on Monday.

The company has agreed to acquire the stake from ITI and Canal+ Group for an all-cash consideration of EUR 584m (USD 617.24m).
Scripps Networks Interactive will also assume EUR 840m of debt. 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.

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 24 hour news channel TVN24, and business news channel TVN24 Biznes i Swiat.

The channels enabled TVN to secure a market-leading 22% share of Polish viewing in 2014.

TVN Media last year claimed a 33% 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 ten entertainment and lifestyle channels.

Scripps Networks International distributes seven lifestyle brands including HGTV, Food Network, Travel Channel, DIY Network, Cooking Channel, Fine Living and Asian Food Channel, reaching more than 220m 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 and Watkins LLP and Domański Zakrzewski Palinka sp.k.