Time Warner and Vivendi bid for a share of TVN

The FT is reporting that Time Warner and Vivendi aim to bid for 56 per cent of TVN, the largest Polish private broadcaster by revenue and audience share.

TVN is controlled by ITI Group, holding around 62% ownership. In a report in the Warsaw Voice, ITI president Wojciech Kostrzewa says that only price matters in the deal and admits that a further downturn in the global economic conditions could undermine the deal.

Warsaw voice also reports that ITI’s price expectations are believed to be around PLN 22 to 24 per share, versus recent valuations near PLN 12.

Other companies named as having a potential interest when the process began last year included Discovery Communications, Viacom and News Corp, RT, and private equity companies including Advent, Bain Capital and Providence Equity Partners.

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