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Tellenbach: TVN and Canal Plus to retain stakes in merged operation

TVN and Canal Plus Group intend to retain their stakes in their joint pay TV company, despite interest expressed by Telekomunikacja Polska (TP) in taking a stake, according to reports.

TVN and Canal Plus agreed in December to create a joint enterprise, merging respective pay TV services ‘n’ and Cyfra Plus into one company, under Markus Tellenbach as CEO, with Canal Plus holding a 51% stake and TVN holding 32%, with UPC, which previously held a 25% stake in Cyfra Plus, holding 17%.

Interviewed by Reuters, Tellenbach noted reports of TP’s interest but said that stakes in the joint enterprise were not for sale. TVN already has a partnership to co-sell TP’s and ‘n’’s offerings to each other’s subscriber base.

TVN and Canal Plus are awaiting regulatory approval for the merger.