Scripps Networks unit completes stake purchase in Poland's TVN

Friday, Jul 03, 2015

U.S. video content developer Scripps Networks Interactive (SNI) has completed its purchase of a 52.7-percent stake in Polish broadcaster TVN from local holding ITI and Vivendi's Canal+ Group, the sellers said on Thursday.

SNI unit s Southbank Media paid 584 million euros ($646.43 million) for the stake and SNI will assume debt worth 856 million euros.

Scripps is now required under Polish law to launch a tender to increase its stake to at least 66 percent within three months of completion of the stake purchase. It has said it wants to buy all the remaining shares and delist TVN.

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