Radio star sold

Bauer Media Invest (BMI), a subsidiary of the German publishing group Bauer, has purchased a 56.33 percent stake in the Broker FM Group, Poland's largest radio group, which includes RMF FM, the most popular station in the country, RMF Classic and RMF Maxxx. Broker FM had revenues of zł.174 million last year. Along with the share purchase, BMI also called a public tender for 100 percent of shares in the WSE-listed Broker FM and announced its intention to withdraw the company from the bourse.

"The public tender for Broker's shares is in line with the Bauer Group's longterm strategy and its willingness to build a strong radio network in Poland. We plan to start business activity in a new sector of the media market and results can be expected in a longer-term perspective," said Witold Woźniak, president of BMI.

The price per share offered by Bauer in the tender is zł.144.8, over 19 percent lower than its value on the WSE on the day of the transaction. If the company manages to buy out all the shares for the offered price, it will pay zł.478 million for the broadcaster. The new owner plans to withdraw Broker FM from the WSE.

Apart from broadcasting activity, Broker FM also holds almost one third of shares in internet portal Interia.pl. The Bauer Group, which publishes over 150 magazines in 13 countries worldwide, has built its strong position in Poland by investing in prestigious women's titles, such as Twój Styl and Pani as well as TV guides and tabloid weeklies.

The deal still needs to be approved by Poland's competition watchdog.