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Monday, March 16, 2015

Scripps buys majority stake in Polish network TVN for $615 mln, (NYQ: SNI)

U.S. media group Scripps Networks Interactive agreed to purchase a majority stake in Polish broadcaster TVN for 584 million euros ($615.3 million), gaining a foothold in a TV advertising market where revenues beat the global average and grew 6 percent last year.Scripps, which owns the Travel Channel, the Food Network and other channels, said on Monday it would buy the 52.7-percent stake in Poland's second largest private TV network from local financial holding firm ITI and French media firm Vivendi . Scripps would then launch a tender to increase its stake."We're looking forward to working with the whole TVN team to achieve our significant ambitions in the region together," Scripps CEO Kenneth W. Lowe said in a statement.The deal values TVN at around $1.84 billion, or around 20.5 zlotys ($5) per share, Reuters calculations show, above the stock's 18.07 zloty Friday closing price.

Scripps Networks Interactive, Inc. is a developer of lifestyle-oriented content for television and the Internet with television and interactive brands. Shares of SNI fell by 0.77% or $-0.56/share to $71.91. In the past year, the shares have traded as low as $70.39 and as high as $86.48. On average, 950316 shares of SNI exchange hands on a given day and today's volume is recorded at 567580.