Scripps Networks Interactive Intends to Make 100% Ownership Offer for Polish Media Company TVN
June 09 2015 - 4:11PM
Business Wire
Scripps Networks Interactive, Inc. (NYSE: SNI), one of the
world’s leading developers of lifestyle content for television,
Internet and mobile platforms, intends to make a public tender
offer to purchase 100% of TVN, Poland’s premier multi-platform
media company. The offer will be launched upon completion of
Scripps Networks Interactive’s previously announced purchase of a
majority ownership stake in TVN from ITI and Canal+ Group.
Under Polish law, Scripps Networks Interactive is required to
initiate a mandatory public tender offer to increase its ownership
interest in TVN up to 66 percent, within three months of completion
of the purchase of 52.7 percent in TVN. The company additionally
intends to offer to purchase the remaining public ownership in TVN,
and delist it from the Warsaw Stock Exchange. No price for the
offer has yet been set.
“Taking full ownership of TVN will enable Scripps Networks
Interactive to fully realize the strategic and financial
opportunities afforded by the TVN acquisition,” said Kenneth W.
Lowe, chairman, president and chief executive officer of Scripps
Networks Interactive. “TVN is a strong and compelling business in
one of Europe’s key media markets, and under Markus Tellenbach’s
leadership, it will play an important role in our continued
expansion in the region.”
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.
Forward-looking statements
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150609006568/en/
Scripps Networks InteractiveMedia:Dylan Jones,
865-560-5068djones@scrippsnetworks.comorLee Hall,
865-560-3853lhall@scrippsnetworks.comorInvestors:Mike Gallentine,
865-560-4473mgallentine@scrippsnetworks.com
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