TVN CEO: Canal Plus To Complete TVN Due Diligence Within Weeks
10 November 2011 - 8:40PM
Dow Jones News
Canal Plus, a unit of French media conglomerate Vivendi SA
(VIV.FR), is expected to complete its due diligence of Polish
broadcaster TVN SA (TVN.WA) within weeks, ahead of a planned merger
of the two companies' pay-television units, TVN Chief Executive
Markus Tellenbach told a press conference Thursday.
The companies have yet to determine the proportion of stakes
each will get in the merged pay-TV firm, he added.
The firms said earlier in November they plan to merge their
Polish pay-TV businesses into a joint venture in which TVN will
have a significant minority stake. The transaction is part of an
exit of some minority shareholders from ITI Holdings, TVN's parent
company.
Tellenbach also said TVN's web portal, Onet, isn't for sale and
no work is underway to sell it. Onet is an integral asset of TVN,
he said.
-By Marynia Kruk and Marcin Sobczyk, Dow Jones Newswires; +48 22
447 2432; marcin.sobczyk@dowjones.com
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