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Monday, March 16, 2015

U.S. Scripps buys control in Polish TVN for 584 million euros, (NYQ: SNI)

U.S. media group Scripps Networks Interactive, owner of the Travel Channel, agreed to purchase a majority stake in Polish broadcaster TVN for 584 million euros ($613.84 million), the companies said on Monday.Scripps will buy the 52.7-percent stake in TVN currently held by Polish financial holding ITI and French media firm Vivendi. The U.S. group said it would then launch a tender to increase its stake in TVN, in accordance with Polish law.Under the agreement, Scripps will also take on debt worth 840 million euros. According to Reuters calculations, the deal values TVN at around 20.5 zlotys ($5) per share, higher than its 18.07 zloty closing price on Friday.TVN is one of Poland's most popular networks, airing news broadcast TVN24 and several channels, including some that specialise in fashion, business and weather. Among private broadcasters, it vies for the top spot with Cyfrowy Polsat .

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.