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ITI Group and Canal+ Group announce 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.

Under the terms of the transaction, N-Vision B.V., Amsterdam, which at completion will directly and indirectly hold a 52.7% controlling stake in TVN, will be acquired by Southbank Media Ltd, London, which is part of the Scripps Networks Interactive group of companies. The total cash consideration payable to 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.. The transaction remains subject to regulatory approval.

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Contact: ITI Services Ltd.
Phone:: +41 44 258 8840
e-mail: kontakt@iti.pl, info@itiholdings.com

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