Homepage Marketplace ITI Group and Canal + Group sold a majority stake in TVN
” A new chapter and a new perspective. ” Scripps Networks Interactive buyer TVN. ITI Group and Canal + Group entered into an agreement to sell a majority stake in TVN. The buyer is Southbank Media Ltd., a British company owned by the American company Scripps Networks Interactive. For about 52.7 per cent. TVN shares Americans will pay 584 million euros.
Scripps is a family company with a long tradition, which has existed for 140 years. It employs two thousand. people, mostly in the United States, as well as in Europe, South America and Asia. Its value is $ 10.5 billion, and its revenues are $ 2.7 billion.
– This is a situation in which the buyer and purchased win – said Joe NeCastro, Chief Development Officer of Scripps Networks Interactive, a company that has acquired a majority stake in TVN. Markus Tellenbach, President and Chief Executive Officer of TVN SA stressed, however, that this is a new chapter in the development of TVN.
TVN is the largest commercial television station in our market capitalization of 6.3 billion zł . Its revenues in 2014. Zł PLN 1.6 billion.
The agreement is subject to the approval of the regulator. Then, according to Polish law sanctioning acquisitions, Scripps Networks will make a mandatory offer to increase stake in TVN.
Source: TVN24.pl
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