Scripps Networks Interactive has agreed to pay €584 million for 100 per cent of shares in N-Vision which on completion, directly and indirectly through Polish Television Holdings, will hold approximately 52.7 per cent interest in Polish broadcaster TVN S.A. Scripps Networks Interactive will assume both the debt on level of Polish Television Holding and TVN of €300 million and €540 million nominal value, respectively.
Scripps Networks Interactive is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company’s lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 190 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across North and South America, Asia, Europe, the Middle East and Africa.
Markus Tellenbach, President and CEO of TVN S.A., said: “This agreement with Scripps Networks Interactive is evidence of the hard work and commitment of every single employee of TVN in building the biggest and most successful media company in Poland. Scripps Networks Interactive understand the importance of the Polish market, and the value of developing compelling content that connects with consumers. We are delighted to be joining the Scripps Networks Interactive family, and we’re excited about developing and strengthening our business for many years to come.”
Kenneth W. Lowe, Chairman, President and CEO of Scripps Networks Interactive, stated: “This transaction is an important milestone in the ongoing strategic development of our international business, and provides us with substantial further scale in Europe. Poland is a vibrant media market with significant growth potential. TVN has an incredible portfolio of channels and services, and has delivered consistently strong creative and financial performance under the leadership of Markus Tellenbach. The business will be a strong addition to Scripps Networks Interactive, and we’re looking forward to working with the whole TVN team to achieve our significant ambitions in the region together.”
Bruno Valsangiacomo, Executive Chairman and a Founding Shareholder of ITI Group, commented: “Together with our partner Canal+ Group we have successfully agreed the sale of our controlling stake in TVN. We are proud to put TVN into the hands of Scripps Networks Interactive – a family controlled enterprise with a 140 year history as one of America’s most forward-thinking media companies. Having founded TVN in 1997 and built it into the most important television operation in Poland, it was paramount for us to secure continuity, quality and editorial independence of TVN’s business. I am confident that Scripps Networks Interactive is the perfect partner for TVN and will continue the extraordinary success story of TVN, whilst bringing a fresh and welcome perspective to the Polish media landscape.”