Cash strapped RMF FM in talks with Orkla Press

Broker FM, the main shareholder in RMF FM, the largest commercial radio station, is searching for an investor for indebted broadcaster. The company was recently close to striking a deal with investment bank Rotschild and investment fund Innova Capital. However, the negotiations failed. Currently talks are in progress with Norwegian Orkla Press, the publisher of Rzeczpospolita. The largest problem remains the price. "The shareholders have demanded over zł. 100 million for a 50% stake in Broker. This is an unacceptable price, taking into account the financial standing of the company," said a source close to the negotiations. Broker FM had run up debts of zł. 106 million by the end of 2002, of which zł. 46 million were short-term liabilities. The main creditor, Millenium Bank, recently agreed to change these into long-term debts. Neither Marek Dworak, the president of Broker FM, nor Jan Kopka of Orkla Press Polska, wanted to officially confirm the information. "We are considering investing in other media," was all that Kopka said. (Puls Biznesu, p. 4) A.K.