ITI builds stake in TVN and plans Warsaw listing for TV businesses

ITI media holding, owned by Mariusz Walter and Jan Wejchert, has paid SBS Broadcasting EUR 131.5 million in cash for a 30.4% stake in the television broadcaster TVN. After Tuesday's transaction, 90% of shares in TVN belong to ITI, while the remaining 10% are held by BRE Bank. "By purchasing the stake in the television company, ITI Group will be able to add value by consolidating its assets in the broadcasting sector," Jan Wejchert, president of ITI Group, said in a press release. He also added that thanks to the transaction, the group would be able to generate further synergies in terms of costs and revenues by merging all of its media activities. Purchasing the shares was made possible by last week's successful issue of high-yield bonds in TVN, which had a total value of EUR 235 million. "We will consider floating the television company on the Warsaw bourse, as soon as market conditions allow," concluded Wejchert. (Gazeta Wyborcza, p. 24) M.M.