The sale follows an agreement signed by TVN and Ringier Axel Springer in 2012, under which the latter acquired 75 percent of Onet shares. The deal included an option for the company to purchase the remaining shares in April 2017.
TVN S.A. is owned by Scripps Networks Interactive (Nasdaq: SNI), one of the leading developers of engaging lifestyle content for television, the Internet and emerging media platforms.
Ringier Axel Springer Media A.G is a leading integrated media group in Central and Eastern Europe, managing a comprehensive portfolio of 70 newspapers and over 60 online platforms on the dynamic markets of Poland, Hungary, Slovakia and Serbia.
"Purchase of the remaining shares in Onet Holding Sp. Z oo is a natural step in line with our business strategy of digitization, which will allow us to continue to implement plans to expand its range of products and services. We are planning further investments in the creation of content with special emphasis on mobile content, video format and native ads," said Mark Dekan, CEO of Ringier Axel Springer Media AG.
Jim Samples, President and CEO of TVN SA, added: "The cooperation by Ringier Axel Springer was planned perfectly. The sale of our stake in Onet Holding TVN will focus on the development and building a portfolio of entertainment brands, lifestyle and news sites on the linear and digital platforms."