Vivendi To Launch Bid For TVN In 5-6 Years - Report
October 31 2011 - 4:25AM
Dow Jones News
French media conglomerate Vivendi SA (VIV.FR) will launch a
public bid for Polish broadcaster TVN SA (TVN.WA) in five to six
years after it gets control over the firm's majority owner, ITI
Holdings, Polish daily Rzeczpospolita reports Monday citing people
familiar with the matter.
TVN said Friday it was working with Vivendi on a strategic
partnership, without disclosing any details. ITI, a Polish media
group, had earlier said it was looking to sell its 56% stake in the
business.
According to the report, Vivendi will first buy out minority
shareholders at ITI and won't get control until 2016-2017 when TVN
is expected to have paid back its debts. It will launch a bid for
TVN afterwards, Rzeczpospolita says.
ITI decided to sell TVN after the death of its co-founder, Jan
Wejchert in 2009.
Newspaper website: www.rp.pl
-Warsaw Bureau, Dow Jones Newswires; +48 22 447 2432
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