Under the terms of the deal, Ringier Axel Springer Media will become the sole owner of Onet Holding, whose assets include the leading Polish online portal Onet.pl.
The acquisition stems from an agreement signed by TVN and Ringier Axel Springer Media in 2012, when the two parties established Onet Holding.
Commenting on the development, Jim Samples, TVN’s president and CEO, said: “Ringier Axel Springer has been an excellent partner in Onet, and the sale of our remaining stake in the business enables us to focus on developing and building TVN’s portfolio of entertainment, news and lifestyle brands across linear and digital platforms.”
Mark Dekan, CEO Ringier Axel Springer Media, added: “The acquisition of the remaining shares in Onet Holding is a logical step in our digitization and growth strategy, and will allow us to further roll-out the plans in the development of our product and service offering. We will further invest in the field of content creation with a special focus on mobile, video and native advertising. I would like to thank TVN for the good cooperation we have had throughout the years.”
Scripps Networks Interactive-owned TVN is one of the leading players in Poland’s TV industry.
Its assets include 15 TV channel brands, the VOD service player.pl and a stake in the DTH platform nc+.