October 14, 2024 07:52 GMT
COMMUNICATIONS: Reports Of Bids Submitted For WBD’s TVN; Not A Spread Mover
COMMUNICATIONS
Baa3/BBB-[N]/BBB-
Proposed transaction price of PLN 5bn equates to <0.15x of WBD net leverage with the likely EBITDA reduction likely meaning a <0.1x impact. A sale has previously been discussed in the media.
- Polish language paper Newsweek has reported that Warner Bros has received offers for it’s Polish TVN network. The article notes that WBD values the unit at PLN 8-10bn “but in reality will probably end at around PLN 5bn”. This equates to USD 2-2.5bn and USD 1.3bn.
- They report that three parties have made offers, two from CEE (reportedly PPF Group and József Vida) and one from the US (unnamed).
- Deal closure aiming for May.
- Article discusses concerns from US and Polish security services over potential Russian-linked Hungarian capital and the potential interest of political party PiS (who have expressed interest in acquiring a TV company) highlight geopolitical sensitivities around the sale.
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