Polish media investment firm ITI Group has said it reached an agreement to buy back the 33% stake in the company that is owned by the Wejchert family.
This deal is conditional on the signing of definitive agreements by ITI to enter into a strategic…
Polish media investment firm ITI Group has said it reached an agreement to buy back the 33% stake in the company that is owned by the Wejchert family.
This deal is conditional on the signing of definitive agreements by ITI to enter into a strategic partnership with French DTH operator Canal+ before the end of 2011.
In early November, it was announced that Canal+ would acquire a minority stake in TVN, the Polish TV broadcaster controlled by ITI.
ITI was co-founded by Polish businessman and media mogul Jan Wejchert, who died in 2009, and Mariusz Walter in 1984. They were joined, a few years later, by Bruno Valsangiacomo.
In a statement on 7 November, ITI explained that Lukasz Wejchert, Agata Wejchert-Dworniak and Victoria Wejchert have agreed to sell their shares held by their companies. Lukasz Wejchert, the CEO of Onet, a Polish web portal part of ITI and vice president of TVN’s management board, said he would pursue his career in the online industry outside of ITI.
“Upon completion of the buyback, the ITI Group will be owned by companies affiliated to the families of Mariusz Walter, Bruno Valsangiacomo, Aldona Wejchert and Wojciech Kostrzewa, who have renewed their commitment to further develop the ITI Group and to maximise value for all stakeholders in the ITI Group and TVN Group alike.”
ITI would not comment on the buy-back or the engagement of financial advisers.
As a result of the deal between Canal+ and TVN, the congested Polish DTH market will be reduced to three major players following the merger of satellite broadcasters ‘n’, controlled by TVN, and Cyfra+, held by Canal+.
