US media company Scripps Networks buys controlling share in Polish broadcaster

MarketsAssociated Press

The U.S. media company Scripps Networks Interactive Inc. has finalized an agreement for a controlling stake in Poland's largest commercial broadcaster, a 584 million-euro ($650 million) deal that comes as the U.S. company expands into Europe.

Scripps Networks Interactive, which is based in Knoxville, Tennessee, on Thursday announced the completion of the deal for a 52.7-percent interest in TVN, a media company with a range of news, lifestyle and entertainment channels.

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In a statement, the president and CEO of Scripps Networks, Kenneth Lowe, said "The acquisition of TVN marks an important step forward in Scripps Networks Interactive's international expansion strategy, and gives us a leadership position in one of the most important media markets in Central Europe."

Scripps owns cable channels including HGTV, Food Network and Travel Channel.