TVN sale hots up

Photo: Glowimages

Companies interested in buying a controlling stake in TVN are scheduled to place non-binding offers to the sellers, ITI and Canal+, by 24 November.

“There are four strategic investors and many funds left in the game,” said a source quoted by business daily Puls Biznesu.

According to reports, the two most important bidder, and possible rivals in the final stage are Time Warner and Discovery.

Time Warner has already tried once to buy a stake in TVN, when it was previously for sale. At that time however, ITI chose Canal+ as co-investor.

Other possible bidders for the controlling share in TVN are 21st Century Fox and Axel Springer.

Two other holdings, Bertelsmann and Liberty Group, have allegedly withdrawn from the competition.

ITI and Canal+ announced they could sell the 51 percent stake in TVN in mid October this year. At that time, the possible sale price was seen at 3 billion zloty (711 million euro) but it may grow if the competition among bidders is intense.

In early November, TVN's chief executive Markus Tellenbach said that there were about 12 entities interested in owning a majority stake in the firm. He expected the sale process to be concluded in 2015. (kw)