Scripps Completes Acquisition of TVN

KNOXVILLE: Scripps Networks Interactive has officially closed its agreement to acquire a 52.7 percent interest in Poland’s TVN from ITI and CANAL+ Group.

It closed an all-cash deal for 584 million euros ($617 million). Scripps Networks Interactive will also assume 856 million euros ($888 million) of debt. Under Polish law, Scripps Networks Interactive is required to launch a public tender offer to increase its ownership interest in TVN to 66 percent within three months of closing on the initial purchase. Scripps Networks Interactive previously announced its intention to acquire 100 percent of TVN and delist it from the Warsaw Stock Exchange.

Three Scripps Networks Interactive senior executives have been appointed to the TVN supervisory board. Joe NeCastro, chief development officer; Jim Samples, president of Scripps Networks International; and Cynthia Gibson, chief legal officer, will all sit on the supervisory board, which oversees the activities of TVN’s operational management board.

“The acquisition of TVN marks an important step forward in Scripps Networks Interactive’s international expansion strategy and gives us a leadership position in one of the most important media markets in Central Europe,” said Kenneth W. Lowe, the president, chairman and CEO of Scripps Networks Interactive. “TVN is a strong and profitable company run by a great management team under Markus Tellenbach, and we believe our ownership can help ensure that the business continues to grow for the long-term.”