US media company Scripps Network Interactive has purchased a 52.7 percent stake in Polish broadcasting network TVN for €584 million, the company informed on Monday. The stake has been bought from Polish financial holding ITI and French media firm Vivendi.
Scripps Network will also assume €840 million of debt and will 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,” Kenneth W. Lowe, Scripps CEO, said in a statement. “Poland is a vibrant media market with significant growth potential … TVN has an incredible portfolio of channels and services,” he added.
Poland’s TV advertising market grew by almost 6 percent last year, compared with the global average of 5.4 percent. Scripps Network owns the Travel Channel, the Food Network and other channels.