Polish broadcaster TVN is selling control of the Onet internet portal to Ringier Axel Springer Media for €217.5 million.
Onet is Poland’s leading portal and Ringier Axel Springer Media, a joint venture between German publisher Axel Springer and its Swiss counterpart Ringier, will take a 75% stake. Under the terms of the agreement a separate holding company will be established in Poland and will have 100% of Onet’s shares – TVN will hold a 25% stake of that company. The deal needs approval from competition bodies.
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