WARSAW: Privately-owned Polish TV operator Polsat has agreed to sell a 25.1% stake to German media group Axel Springer - Europe's largest newspaper publisher.
Polsat runs five TV channels in Poland, including two sports channel, while Springer is also a major presence in the nation with its top selling tabloid Fakt, plus Dziennik launched in April.
The deal is unusual in that it precedes an intended IPO two years hence, when Polsat owner Zygmunt Solorz-Zak plans to sell 15% of the company on the Warsaw bourse.
The Springer deal is therefore based on a minimum price of €50 million ($66.64m; £33.75m). Following the part-flotation in late 2008, and the subsequent valuation of Polsat's shares, the German giant could find itself paying up to double the initial sum.
Data sourced from warsawvoice.pl; additional content by WARC staff