Poland’s TVN has entered into a strategic partnership with Ringier Axel Springer Media.
Under it, the latter will pay the broadcaster PLN956 million (€217 million) for a 75% stake in the internet portal Onet, with TVN retaining a 25% share in the company.
Both stakes in Onet, valued in total at PLN1,275 million, will be held through a holding company named Holdco.
Under the terms of the agreement between the two parties, TVN will be able to sell its minority stake in Onet in Q1 2016.
If it fails to do so, shareholders could ask it to sell the stake by Q1 2017.
The agreement between TVN and Ringier in some ways resembles the one the broadcaster recently reached with Vivendi over its DTH platform n, which will be merged with the latter’s Cyfra+.
It also marks a retreat by TVN from the Polish internet market, which is becoming increasingly lucrative.
Market analysts expect more deals in the Polish internet market may be soon forthcoming.
