Polsat CEO prepares massive media floatation

The IPOs would be worth up to zl.1 billion each and involve 25-30% of shares, with Solorz-Zak retaining majority voting rights. He had talked of plans for an IPO of Polsat many times before, but now he appears to mean it. An IPO is in fact one of the conditions of last year's sale of a 25.1% stake in Polsat to Axel Springer. But the timing of the IPOs means he wants to use the listing of Cyfrowy Polsat to test out the stock market before he floats Polsat TV.Cyfrowy Polsat, which beat expectations by posting net profits of just under zl.100 million on sales of zl. 488 million last year, would use the proceeds to fund its launch as a virtual mobile network operator. The biggest media IPOs on the WSE so far were TVN (zl.509 million) and Agora (zl.380 million).(Gazeta Wyborcza, p. 24) R.M.