TVN Sees Polish Antitrust Clearance Of Vivendi JV In Summer
February 15 2012 - 5:40AM
Dow Jones News
Polish television broadcaster TVN SA (TVN.WA) hopes to receive
antitrust approval in Poland this summer for its pay-TV joint
venture with French entertainment firm Vivendi SA (VIV.FR), Chief
Executive Markus Tellenbach told a press conference Wednesday.
The process will likely be complex, he added. Vivendi operates
its own pay-TV platform in Poland, marketed as Cyfra Plus, which
has more customers than TVN's "n" product. Together, they will
compete with Cyfrowy Polsat SA (CPS.WA), Poland's largest pay-TV
operator.
TVN and Vivendi agreed to form the partnership in December.
Called "n/C+," the joint venture will comprise TVN's pay-TV
subsidiary "n" and Vivendi's Cyfra Plus. The new company's majority
shareholder will be Vivendi's pay-TV subsidiary Canal Plus, with a
51% stake, followed by TVN with a 32% stake and UPC with a 17%
stake.
Tellenbach declined to comment on whether TVN's web portal Onet
was on sale, saying he wouldn't comment "on market rumors." He said
the portal is "a very valuable asset" to TVN.
-By Marynia Kruk and Marcin Sobczyk, Dow Jones Newswires; +48 22
447 2432; marcin.sobczyk@dowjones.com
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