ITI Group and Canal+ Group announce the completion of the sale of their controlling stake in TVN, Poland’s leading commercial broadcaster, to Southbank Media Ltd., London, a member of the Scripps Networks Interactive Inc. group.
On 1 July 2015 ITI Group and Canal+ Group sold their entire stake in N-Vision B.V., Amsterdam, which holds directly and indirectly a 52.7% controlling stake in TVN, to Southbank Media Ltd, London, which is part of the Scripps Networks Interactive group of companies. The cash consideration for the ITI Group and Canal+ Group amounts to EUR 584million. Southbank Media Ltd., London, will assume the EUR 300million 11%/12% Senior PIK Toggle Notes issued by Polish Television Holdings B.V..
Bruno Valsangiacomo, Executive Chairman and a Founding Shareholder of ITI Group commented: “Together with our partner Canal+ Group we have successfully completed the sale of our controlling stake in TVN. We are proud to put TVN into the hands of Scripps Networks Interactive – a family controlled enterprise with a 140-year history as one of America's most forward-thinking media companies. Having founded TVN in 1997 and built it into the most important television operation in Poland, it was paramount for us to secure continuity, quality and editorial independence of TVN’s business. I am confident that Scripps Networks Interactive is the perfect partner for TVN and will continue the extraordinary success story of TVN, whilst bringing a fresh and welcome perspective to the Polish media landscape.”
Bertrand Meheut, CEO of Canal+ Group added: “The completion of this transaction allows us to refocus our strategy around pay-TV in Poland. Canal+ Group will continue to hold a strong footprint in this country, which is our second largest market after France. We are strongly committed to further develop nc+, the country’s leading premium pay-TV platform. We will continue our close cooperation with TVN, which owns a 32% in nc+. Scripps Networks Interactive will thus also be a key partner and we are very pleased having them on board.”
Please refer to TVN and Scripps Networks Interactive Releases of even date
J.P. Morgan Limited and Bank of America Merrill Lynch acted as financial advisers and Weil, Gotshal & Manges and Orrick, Herrington & Sutcliffe as legal advisers to the ITI Group and Canal+ Group.
Contacts:
ITI Group
Romano Fanconi +41 44 258 88 88
Canal+ Group
Laurence Gallot +33 1 71 35 02 22
Antoine Banet-Rivet +33 1 71 35 00 26
TVN S.A. is a leading privately owned TV broadcaster in Poland. The company’s offer currently includes the following television channels: TVN, TVN 7, TTV, TVN24, TVN Meteo, TVN Style, TVN Turbo, iTVN, iTVN Extra, TVN Biznes i Świat, Telezakupy Mango and NTL Radomsko. TVN’s programming offer specifically targets viewer’s aged 16-49 from large cities. The channel systematically retains its ratings supremacy and leads the market in viewership statistics in the most desirable demographic group to advertisers.
TVN provides an extensive range of online products, including Player.pl and Veedo.pl. Player.pl is a video-on-demand platform developed in response to changing landscape of TV consumption and enabling online access to extensive collection of TV series, shows and programs. Veedo.pl is an entertainment video portal featuring outstanding talents, remarkable events and web’s best videos from all over the world. The website enables its users to upload their own short-form films and serves as a perfect platform for showcasing and promoting unique talents. It also includes the most attractive short-form videos from the Polish and international media.
TVN’s portfolio encompasses TVN Agency, offering the most extensive range of services in news production and distribution in Central and Eastern Europe, as well as TVN Media – the largest advertising brokerage office in Poland.
Canal+ Group is the leading pay-TV company in France. It is at the forefront in providing premium-content and themed networks, as well as in bundling and the distribution of pay-TV offerings. Taking into account its pay-TV operations in Africa, Poland and Vietnam, the Group has a total subscription base of 15.3 million. Canal+ Group is also a benchmark player in free-to-air television broadcasting, with three national channels and advertising sales division. Through its subsidiary STUDIOCANAL, CANAL+ Group is a European leader in motion picture and TV series production and distribution.
Scripps Networks Interactive is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company's lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 190 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across North and South America, Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered inKnoxville, Tenn.
