TVN said that the deal means that both companies will benefit from economies of scale and new business opportunities. The sale has already been approved by the Polish competition watchdog.
Mango-Media is the leading tele-shopping channel in Poland, and is also a leading player in e-commerce in kitchen appliance, home and lifestyle products. The company posted net income of over PLN60 million (€14 million) last year, up 45% year-on-year.
Scripps International boss and TVN president and CEO Jim Samples said that the decision to sell the outfit was “dictated by the need to consolidate our portfolio and focus on the development of our core business”. He said that Studio Moderna was one of the strongest players in the sector in the central and eastern European region and that the combination would be mutually beneficial.
Tomasz Pawliszyn, president of Studio Moderna Polska, said that the acquisition would enable it to pursue its ambition to be “the undisputed leader in our industry in Poland” and that the group would continue to invest in tele-shopping, online platforms and traditional retail.
The sale of the channel, which TVN said had been in the works for several months, follows Discovery’s US$14.6 billion deal to acquire Scripps.
Scripps meanwhile is facing a potential regulatory threat in Poland, with the country’s government reported to be planning to introduce new rules that could restrict foreign ownership of media assets to as little as 15%.
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