TVN clears decks for sale

07.06 Europe/London, October 19, 2011 By Chris Dziadul

The Polish national commercial broadcaster TVN is to undergo a reorganisation ahead of its sale, which is now likely to be concluded by the end of this month.
In a note to investors published in the local press, the company says that it is moving a substantial part of its assets to a subsidiary named Highgate Capital Investment.
These assets include sales and marketing, along with the channels TVN, TVN 24, TVN 7, TVN Turbo, TVN Style, TVN and TVN Meteo and are understood to be worth between PLN2.2-2.7 billion (Ä504.8-619.4 million), or around half of TVNís capitalisation on the Warsaw Stock Exchange of PLN4.9 billion.
The value of TVNís television interests alone is in the region of PLN1.3-16 billion.
Both Time Warner and Vivendi remain in pole position to buy a majority stake in TVN.