U.S. media group Scripps Networks Interactive agreed to purchase a majority stake in Polish broadcaster TVN for 584 million euros ($615 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 and the Food Network, said 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."Poland is a good reference market for eastern Europe as the strongest and most advanced market," Jim Samples, who heads Scripps' international operations, told Reuters."We will look for other markets like Poland. For the time being the case of TVN and Poland has been the most interesting."
Scripps Networks Interactive, Inc. is a developer of lifestyle-oriented content for television and the Internet with television and interactive brands. Shares of SNI traded higher by 0.21% or $0.15/share to $72.06. 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 87896.
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