Scripps Networks Agrees To Acquire 52.7% Interest In Poland's TVN

(RTTNews) - Scripps Networks Interactive, Inc. (SNI), a developer of lifestyle content for television, Internet and mobile platforms, has entered into an agreement to acquire a 52.7 percent interest in Poland's premier multi-platform media company, TVN.

The company has agreed to acquire the stake from ITI and Canal+ Group for an all-cash consideration of 584 million euros. Scripps Networks will also assume 840 million euros of debt.

Following completion, Scripps Networks 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 Poland's leading 24 hour news channel, TVN24, and business news channel TVN24 Biznes i Swiat.

TVN Media is Poland's leading advertising sales house. Last year, it secured a 33 percent 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.