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Scripps now owns 98.8% of TVN, plans ‘squeeze out’ for the rest

Scripps Networks Interactive has confirmed that it now owns 98.8% of TVN and will start the “squeeze out process” to secure 100% of the Polish broadcaster.

Scripps acquired approximately 46% of TVN’s shares for some US$833.1 million (€746.7 million) after concluding its tender offer for all outstanding shares last week.

This comes after it completed a deal to acquire 52.7% of TVN from ITI and Canal+ Group in July.

“Scripps Networks Interactive now owns 98.8% of TVN, and the company will execute a squeeze out process to acquire all remaining outstanding TVN shares,” said the channels group in a statement.

TVN is one of Poland’s leading media companies with a portfolio of free-to-air and pay TV lifestyle and entertainment channels. These include TVN, TVN 7, TVN Style, TTV, TVN Turbo, 24-hour news channel TVN24, and business news channel TVN24 Biznes i Swiat.