Poland’s Telewizja Polsat has entered into a preliminary agreement to buy Interia Group from Bauer Media Group for PLN422 million (€92.8 million).
According to the broadcaster’s parent company Cyfrowy Polsat, the transaction, funded entirely by Telewizja Polsat, requires the approval of the Office for Competition and Consumer Protection (UOKiK) by the end of 2020 if it to proceed. Failure to receive consent will result in Telewizja Polsat paying the sellers a contractual penalty amounting to PLN100 million.
The preliminary agreement also has a contractual penalty amounting to PLN150 million in the event of either party failing to proceed with the transaction.
Cyfrowy Polsat also says that “The Interia Group is a leading player on the Polish market of new generation media, reaching nearly 60% of internet users in Poland. Its services are used by over 16 million real users every month, and the number of page views of the Interia Group’s websites exceeds 1.3 billion per month.
“Belonging to the group Internet portal Interia.pl, being one of the three largest horizontal portals in Poland, provides individual Internet users with a vast selection of the highest quality information, multimedia, social and communication services. The Transaction is a long-term, strategic investment for the Cyfrowy Polsat group. The Transaction will allow the Cyfrowy Polsat group to continue its development on the dynamically growing Internet and online advertising market and to improve its cost-effectiveness as a result of insourcing the expenditure on ongoing advertising campaigns of the Polsat Group brands”.