After the day break

"As a publishing company, we have to devote more time to thinking about the digital future," Agora chief executive, Wanda Rapaczyńska, told Reuters.

"Image is the key to the future in a situation when we have broadband access to the Internet. I cannot imagine how a media company could go into the future without engagement in television," she said.

Ownership of a television station would diversify Agora's revenues at a time of increasing competition on the newspaper market. Following the launch of Axel Springer's tabloid Fakt in 2003, Agora's Gazeta Wyborcza lost its leading position in terms of readership to the German media firm. Now Agora is preparing for another battle with Springer, after reports that the German giant is planning the launch of a new daily in April. Springer is also interested in competing with Agora to buy Orkla's share in  Rzeczpospolita, Poland's fourth-largest daily newspaper. "The priority will now be to protect Gazeta Wyborcza if the Polish version of Die Welt appears on the market," Rapaczyńska said.

Rapaczyńska confirmed Agora's long-held interest in mergers and acquisitions, but said the company was now eying media assets outside Poland and Central and Eastern Europe (CEE).

"We used to think that CEE was the only region to look for mergers and acquisitions. Now we think that it is worth looking at western Europe," she said.

"I cannot rule out that there will be a foreign acquisition this year. I would be very happy. Investment bankers know what we are interested in," Rapaczyńska added. (Reuters)