WARSAW: Poland to sell TVN (a Polish commercial television network) for about $613 million to US media group, Scripps Network Interactive.
TVN, which operates lifestyle and style channels as well as a 24-hour news channel, claimed a 22 percent share of the Polish market in 2014.
Scripps is acquiring a 52.7 percent stake from ITI and Canal+ Group for 584 million euros. It will also assume about $881 million, or 840 million euros, in debt. If the bid is approved, Scripps will launch a tender offer to increase its ownership of TVN as required under Polish law.
Two years ago, Scripps acquired Travel Channel International Ltd., a U.K. concern that runs the Travel Channel in Europe, Africa, Asia and the Middle East.
Scripps Networks Interactive Inc., based in Knoxville, Tennessee, owns HGTV, the Food Network and the Travel Channel.
