Scripps Networks Closes On Agreement To Acquire 52.7% Interest In Poland's TVN

(RTTNews) - Scripps Networks Interactive Inc. (SNI) has closed on its agreement to acquire a 52.7 percent interest in Poland's multi-platform media company, TVN, from ITI and Canal+ Group for an all-cash consideration of 584 million euros. Scripps Networks will also assume 856 million euros of debt.

Under Polish law, Scripps Networks 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 has previously announced its intention to acquire 100 percent of TVN and delist it from the Warsaw Stock Exchange. No price for the offer has been set yet.

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