The company acquired approximately 46 percent of TVN shares at a cost of 3,134.4 million zloty (approximately $833.1 million), or 20.00 zloty (approximately $5.32) per share, through the tender offer. Scripps Networks Interactive previously announced and completed the execution of its agreement to acquire 52.7 percent of TVN from ITI and Canal+ Group in March 2015 and subsequently stated its intention to acquire all remaining shares through a public tender offer.
Scripps Networks Interactive now owns 98.8 percent of TVN, and the company will execute a squeeze out process to acquire all remaining outstanding TVN shares.
TVN is one of the leading media companies in Poland with a portfolio of free-to-air and pay-TV lifestyle and entertainment channels including TVN, TVN 7, TVN Style, TTV, TVN Turbo as well as Poland’s leading 24-hour news channel, TVN24, and business news channel TVN24 Biznes i Swiat.
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 Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.
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, 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. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.