Company Continues to Expand International Presence Through One of Poland's Leading Media Businesses
The company has agreed to acquire the stake from ITI and Canal+ Group for an all-cash consideration of â‚¬584 million. Scripps Networks Interactive will also assume â‚¬840 million of debt. The agreement is subject to regulatory approvals. Following completion, Scripps Networks Interactive will launch a mandatory public tender offer to further increase its ownership interest in TVN, as required under Polish law.
TVN is one of the leading media companies in
"This transaction is an important milestone in the ongoing strategic development of our international business, and provides us with substantial further scale in Europe," said
"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," said Lowe. "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."
"This is a credit to the hard work and commitment of every single employee of TVN in building one of the most successful media companies in Poland," said
The acquisition is the latest move in Scripps Networks Interactive's expansion into
Scripps Networks Interactive's financial advisors for the transaction were
The senior management team of Scripps Networks Interactive will discuss the proposed TVN transaction during a telephone conference call today,
To access the conference call by telephone, dial 800-230-1092 (U.S.) or 612-332-0107 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, "Scripps Networks Interactive," to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis.
A replay line will be open from
This press release contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company's written policy on forward-looking statements can be found on page F-4 of its 2014 Form 10-K filed with the
About Scripps Networks Interactive
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,
Source: Scripps Networks Interactive
Scripps Networks Interactive
Dylan Jones, 865-560-5068
Lee Hall, 865-560-3853
Mike Gallentine, 865-560-4473