Scripps to take controlling stake in Poland’s TVN
NEW YORK (AP) — Scripps Networks is buying a controlling interest in Poland’s TVN for about $613 million in cash, expanding the footprint of the U.S. the television company in Europe.
TVN, which operates lifestyle and style channels as well as a 24-hour news channel, claimed a 22 percent share of the Polish market in 2014.
Scripps is acquiring a 52.7 percent stake from ITI and Canal+ Group for 584 million euros. It will also assume about $881 million, or 840 million euros, in debt. If the bid is approved, Scripps will launch a tender offer to increase its ownership of TVN as required under Polish law.
Two years ago, Scripps acquired Travel Channel International Ltd., a U.K. concern that runs the Travel Channel in Europe, Africa, Asia and the Middle East.
Scripps Networks Interactive Inc., based in Knoxville, Tennessee, owns HGTV, the Food Network and the Travel Channel.