Scripps confirms TVN take-over offer
June 10, 2015
Scripps Networks Interactive, a global developer of lifestyle content for multi-platforms, has made a public tender offer to purchase 100 per cent of TVN, a leading Polish media company. The offer will be launched upon completion of Scripps Networks Interactive’s previously-announced purchase of a majority ownership stake in TVN from ITI and Canal+ Group.
Under Polish law, Scripps Networks Interactive is required to initiate a mandatory public tender offer to increase its ownership interest in TVN up to 66 per cent, within three months of completion of the purchase of 52.7 per cent in TVN. The company additionally intends to offer to purchase the remaining public ownership in TVN, and delist it from the Warsaw Stock Exchange. No price for the offer has yet been revealed.
“Taking full ownership of TVN will enable Scripps Networks Interactive to fully realise the strategic and financial opportunities afforded by the TVN acquisition,” commented Kenneth W. Lowe, chairman, president and chief executive officer 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.”