2015-03-17 10:24 Joe NeCastro, Scripps Networks [Photo: WP.PL] 
– We are very excited. It is a rare opportunity to buy a company with a very strong position on such an attractive market, which is Polish – admits in an interview with Joe NeCastro Money.pl, Chief Development Officer of the American company Scripps Networks, which has just announced that it acquires a majority stake in TVN .
According to the information presented on Monday Scripps Networks media company will take over the 52.7 percent stake in TVN for 584 million euros. In addition, the Americans take over the commitments resulting from previous bond issues Polish Television Holding and TVN with a nominal value of 300 and 540 million euros.
Scripps Networks is a company known in the US television market primarily for its programs as a lifestyle. Include Travel Channel owner of the channel, it also has programs dedicated to cooking, extensive repairs at home or DIY.
In an interview with Joe NeCastro Money.pl stresses, however, that the acquisition of TVN will not mean a revolution of the program.
– TVN has very good programs, so we will not make changes. In the long term, our experience-based lifestyle programs will allow for the development of new ideas, but it will be rather evolution – says Joe NeCastro, stressing that it will take into account the specificities of the local market, which is Poland.
The representative of Scripps Networks authorities clearly also noted in an interview with Money.pl that the acquisition of TVN does not mean a revolution for the sake of the company’s employees. He stressed that they should have no concerns about the possible exemptions. – After a period of uncertainty associated with the announced sale of TVN came time to stabilize. Employees will have our support – says Joe NeCastro.
In an interview with Joe NeCastro Money.pl also stressed that not only TVN is a very attractive company, but also the Polish market, with a growing economy and its opinion growing “middle class.” – The combination of these two cases turned out to be a great opportunity for us to purchase TVN – he said.
According to a representative of Scripps Networks announced the purchase of 52.7 percent of the shares of TVN’s not the end. Under Polish law, Americans must soon announce the call for sale of shares by other investors, so that participation in the shareholding of Scripps TVN increased to at least 66 percent.
The acquisition of a majority stake in TVN for 584 million euro means that for one TVN share Scripps will pay 20.5 zloty, or about 13 percent more than the course of Monday’s closing price on the Warsaw Stock Exchange TVN. Joe NeCastro detailed refused to answer the question, what price Scripps Networks will propose to the other holders of shares of TVN.
– In the notice, we will stick to the existing rules and deadlines, and the shareholders will offer a fair price – declares Joe NeCastro. He added that if the company has no explicit plans for buying more than the necessary number of shares.
Scripps Networks is an American company with a 140-year tradition. Its origins date back to the issue of newspapers, radio, and then, finally, television. It currently employs more than 2000 employees. Is valued at more than $ 10 billion.
Read more in Money.pl
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