France's Canal Plus picked as suitor for Poland's TVN

27th October 2011, Comments 0 comments

French media group Canal Plus has been picked to hold talks with Poland's broadcaster TVN, put up for sale by Polish group ITI, its rolling news channel TVN24 said Thursday.

TVN24 said that ITI, which owns 56 percent of TVN, has decided to award Canal Plus the exclusive right to hold negotiations on creating a "strategic partnership" in Poland.

Canal Plus, which is part of the French Vivendi conglomerate, was picked over US group Time Warner, a source close to the talks said.

A tie-up between the two would involve combining TVN's N satellite and digital television service with French group's Polish arm Canal+ Cyfrowy, the source said.

Earlier this month, Vivendi's supervisory board chairman Jena-Rene Fourtou had confirmed that his group was considering creating a consortium in order to buy TVN.

TVN has a stock market value of 4.9 billion zloty (1.1 billion euro, $1.48 billion).

ITI also owns the Internet portal, first-division football club Legia Warsaw and the Multikino cinema network.

© 2011 AFP

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