Bloomberg News

TVN Jumps to Two-Month High on Report Vivendi, Time Warner Bid

October 06, 2011

Oct. 6 (Bloomberg) -- TVN SA, Poland’s biggest television network, jumped to a two-month high in Warsaw trading after a report that Vivendi SA and Time Warner Inc. are left in the race to buy a majority stake.

ITI Holdings SA, which is selling 56 percent of TVN, will pick one bidder next week for exclusive talks, Gazeta Wyborcza reported, citing three unidentified people. Vivendi’s bid is higher, Gazeta said, without giving the level of the offers.

TVN soared as much as 5.3 percent to 15.98 zloty and traded 4.1 percent higher at 15.8 zloty at 10:12 a.m. in Warsaw, valuing the entire company at 5.4 billion zloty ($1.6 billion).

“Investors seem to be convinced this deal will be struck, probably this month, which helps the stock,” Piotr Grzybowski, a Warsaw-based analyst at BRE Bank SA, said by phone.

RTL Group SA, Europe’s largest television broadcaster, dropped plans to buy the Polish company, Warsaw-based Gazeta reported, without saying where it got the information.

Karol Smolag, a spokesman for TVN, declined to comment on the company’s sale process. Vivendi Chief Executive Officer Jean-Bernard Levy said on Oct. 3 the French media company is “interested” in TVN, whose assets also include Poland’s biggest Internet portal Onet.pl and third-largest satellite- television operator.

--Editors: Chris Peterson, Linda Shen

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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