Tuesday 09 June 2015

9 June 2015 - US-based media company Scripps Networks Interactive, Inc. (NYSE: SNI) plans to make a public tender offer to purchase 100% of Polish multi-platform media company TVN, the company said.

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%, within three months of completion of the purchase of 52.7% 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.

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.

Scripps Networks Interactive's media portfolio comprises television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 190 m consumers each month.