Canal+ and ITI could sell TVN stake

Canal+ Group and ITI could sell their 51% majority stake in leading Polish broadcaster TVN, the pair have confirmed. 

Canal+ and ITI said they had received approaches in recent months from multiple financial investors and industrial groups interested in acquiring control of TVN. ITI and Canal+ have consequently agreed to look at their strategy options for the future of their participation in the broadcaster, which has a one third stake in pay TV platform nc+ as well as TVN’s over-the-air channels.

Canal+ and ITI said that TVN was performing well and that if the strategic review failed to recommend a sale, their joint shareholder agreement would continue as before. Currently, Canal+ controls 49% of N-Vision/Polish Television Holding, the holding company for the 51% stake the pair jointly hold in TVN, with ITI holding 51%.

Poland is Canal+’s second most important market after France and the group said it would seek to maintain close cooperation with TVN even if the group is sold. TVN holds a 32% stake in nc+, which had about 2.2 million subscribers at the end of last year.

Polish business title Pulsu Biznesu has placed Central European Media Enterprises-owner Time Warner in the frame as the leading contender to buy TVN. Other possible candidates could include 21^st Century Fox or Discovery Communications.