After the acquisition by Scripps TVN has continued to produce local content, some of which can be exported. Polish company has also continue the current strategy, which also involves acquisitions – gave in an interview with PAP representatives of Scripps.
Today Scripps Networks Interactive completed an agreement to acquire from ITI Group and Canal + 52.7 per cent. TVN shares for 584 million euros in cash. In addition, Scripps takes over a debt of 856 million euros.
The Scripps reported earlier intention to acquire 100 percent. TVN shares and exit of the company from the Stock Exchange. Public offering price has not yet been determined.
Representatives Sripps did not want to comment on when and at what price may be held call. They gave only that they intend to adhere to Polish law, which requires a tender offer to 66 percent. the shares within three months from the end of the first part of the transaction.
The decision to purchase all of the shares of TVN stemmed from a desire to simplify the workings of the group.
– We have come to the conclusion that action on two markets with two companies listed on the two stock exchanges It can be problematic. In addition, our balance sheet allowed us to take over all the shares of TVN, and hence the decision – said Kenneth W. Lowe, president of Scripps Network Interactive.
Lowe said that the purpose of the Scripps synergies are strategic, not financial . President of SNI reiterated that the group will not make any major changes to the current operating model of TVN.
– I never saw on this transaction as an opportunity to achieve financial synergies. TVN is an independent and well-managed company. But we see strategic synergies resulting from the content. In our opinion, the future of the media is to provide their content on different platforms – Lowe said.
– We are not planning layoffs in TVN nor any big changes. It’s a good asset. Our interest in TVN resulted from the fact that very well assess its prospects, and additionally we believe the environment in which the company operates, ie the Polish economy, also in the coming years will be very beneficial – he explained.
Jim Samples, president of Scripps Networks International troops Interactive, told PAP that the majority of their production TVN will continue after the acquisition carried out in Poland. Part of TVN formats can be exported abroad.
– In the face of uncertainty concerning how the media market will look like in the near future, we believe it is best to have its own platform for broadcasting and own content. Both of these things have TVN – he said Jim Samples, president of Scripps Networks International troops Interactive.
– Some content, which currently produces TVN has a chance to establish themselves in foreign markets in the coming years – he explained.
TVN is continuing to pursue its strategy of the Management Board, which assumes, among others pozaorganiczny growth.
– Most decisions will still be taken by the Management Board of TVN. Their strategy is producing results and will continue. This strategy includes an acquisition – said Samples. He added that Scripps also hopes that the board of TVN will have “ideas for the development of the region”. – Many of these managers is no experience beyond Polish – he explained.
The rapid reaction of the market on shares of TVN
TVN was established in 1995., Started broadcasting in October 1997. In 2004. TVN was transformed into a joint stock company, is listed on the Warsaw Stock Exchange since December 2004.
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