Polskie Media prepares share issue in a bid to entice investors to TV4

Polskie Media, the owner of TV station TV4 is preparing a share issue worth zl. 35 million in its search for an investor. The potential candidates incl ude the partners of Polsat (Agora, News Corp.) and also Holding FM. However the current shareholders, including TVN, have the right of first refusal. T he negotiations between investors and Polsat's owners are also at a stalema te. The first, including Agora and media tycoon Rupert Murdoch's News Corpo ration await the final version of the act on radio and television, and Zygm unt Solorz, the owner of Polsat, is considering postponing the sale of a pr oportion of shares in Polsat for more than ten months, until the advertising market is revitalized. "Since the start of talks with the investors we assu med their involvement in both stations. I do not exclude the possibility th at during the talks the idea of selling only TV4 will materialize. TV4 cert ainly needs additional capital," said Solorz. The share capital of TV4 is s oon to be raised (currently zl. 70 million). According to Puls Biznesu, the zl. 35 million share issue of TV4 is to be bought by one of the potential i nvestors in Polsat. "Obviously this is Mr. Kuchar who will be selling the s hares, but before he makes a final decision he will have to consult with me ," said Zygmunt Solorz. (Puls Biznesu, p. 4) P.W.