Scripps Looks to Take Full Ownership of TVN

KNOXVILLE: Scripps Networks Interactive is making a public tender offer to purchase 100 percent of Poland's TVN, after having picked up a majority stake in the outfit in March.

Scripps is required under Polish law to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66 percent, within three months of completion of the purchase of 52.7 percent in TVN from ITI and Canal+ Group. The company now intends to offer to purchase the remaining public ownership in TVN, and delist it from the Warsaw Stock Exchange.

TVN's portfolio in Poland includes free-to-air and pay-TV lifestyle and entertainment channels, among them TVN, TVN 7, TVN Style, TTV and TVN Turbo. Its bouquet also includes Poland’s leading 24-hour news channel, TVN24, and business news channel TVN24 Biznes i Swiat.

“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realize the strategic and financial opportunities afforded by the TVN acquisition,” said Kenneth W. Lowe, the chairman, president and CEO of Scripps Networks Interactive. “TVN is a strong and compelling business in one of Europe’s key media markets, and under Markus Tellenbach’s leadership, it will play an important role in our continued expansion in the region.”

More to come…