Scripps Networks Interactive, Inc. -- Moody's downgrades Scripps Networks' senior unsecured long-term rating to Baa3; Outlook Stable

New York, September 03, 2015 -- Moody's Investors Service downgraded Scripps Networks Interactive, Inc.'s ("SNI") senior unsecured long term debt rating to Baa3 from Baa1 following the company's announcement that it now owns 98.8 percent of TVN S.A. ("TVN"). SNI now owns 98.8 percent of TVN through the tender offer process initiated earlier this summer, and the company will execute a squeeze out process to acquire all remaining outstanding TVN shares. Including acquisition of the initial 52.7% equity purchase, TVN's debt assumption and the tender offer, the total purchase price amounts to approximately $2.5 billion. Today's rating action concludes the review for downgrade initiated on March 17, 2015, following SNI's announcement to acquire TVN, Poland's multi-platform media company. The rating outlook is stable.

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