June 17, 2015
Polish competition office, UOKIK, has approved Scripps Networks Interactive’s plans to buy 100% of Polish broadcaster TVN.
In a statement, UOKIK said that Southbank Media – a UK-based company owned by the Scripps Networks Interactive – may take over N-Vision, the owner of TVN.
It claimed that the deal would “not lead to a restriction of competition,” due to the current strength of N-Vision and the small share capital of the Southbank Media.
UOKIK said that after the takeover, Southbank Media will compete primarily with Telewizja Polska and Cyfrowy Polsat.
Scripps Networks Interactive said earlier this month that it plans to buy 100% of TVN, after it completes its previously announced purchase of a majority stake in the firm.
In March, Scripps struck a deal with ITI Group and France’s Canal+ Group to take a 52.7% stake in TVN for €584 million in cash, plus the assumption of €840 million of debt – a deal that is expected to close in the third quarter. The buyer in this deal was also Southbank Media.