German newspaper publisher Axel Springer and Zurich-based media group Ringier have agreed to pay zł.956 million for TVN's 76 percent stake in Onet, Poland's leading internet portal.
“Nobody believed that TVN would manage to get such a good price for Onet especially in light of the falling dynamics in revenue from internet adverts,” Dariusz Górski, an analyst from brokerage house BZ WBK, told Puls Biznesu.
The price paid for Onet is the second-largest ever in the Polish market, with the highest figure paid in 2011 when Naspers took over Allegro.
Broadcaster TVN's stock rose 2.5 percent to 8.23 a share on the back of the takeover news. Nevertheless, although TVN negotiated a very good price, it will still make an impairment loss on the transaction. TVN will retain a 25 percent stake in the business.
The transaction is now subject to approval by regulatory bodies.
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