Scripps subsidiary to buy remaining TVN shares

Southbank Media Limited, a subsidiary of Scripps Networks Interactive called to buy a 45.63 percent stake in Polish media group TVN, the ISBnews agency reported on Monday. The price stands at PLN 20 apiece. Subscriptions will be collected between July 24 and August 24. Southbank Media Limited said it plans to acquire all the remaining shares not owned by the Scripps network. The stake accounts for 45.63 percent of the equity capital of the firm and for the same amount of votes at the general shareholders meeting. The owner of TVN plans to decrease its equity capital, as a result, the stake will account for 47.3 percent of the votes. In the event of reaching at least 90 percent of the total number of votes, Scripps will launch a mandatory squeeze out and will delist the company. Scripps finalized the acquisition of TVN last week.