TVN in move to sell Onet.pl to Ringier Axel Springer

Polish broadcaster TVN has entered into exclusive talks with Ringier Axel Springer Media (RAS) to sell its internet subsidiary, Onet.pl.

TVN has approved the preliminary terms of a partnership with RAS, a joint venture between Germany’s Axel Springer and Swiss group Ringier, which could see the latter take control of Poland’s largest internet portal, with TVN retaining a minority stake. Onet.pl is valued by TVN at about PLN1.4 billion (€335 million).

TVN Group CEO Markus Tellenbach said that Onet.pl was well-placed to expand the scope of its activities in the Polish market and that the partnership with RAS would give it a stronger ownership structure.

At the end of  last year, TVN announced a partnership with Vivendi-backed Canal Plus that will see the pair merge their Polish pay TV operations.