ITI Group will buy a 30.4% stake in television TVN for zl. 584 million from US broadcaster SBS, which means that the whole broadcaster is worth zl. 1.9 billion.

The money for the transaction will be obtained through issuing shares by entering the bourse, issuing bonds or taking a loan. The transaction should be carried out by the end of 2003.

"We will inform about the way of financing the transaction by the end of September," said Pawel Kosmala, president of the Onet Group. ITI has been obliged to buy the stake in TVN from SBS by the end of December 2002, but the final date has been moved until the end of 2003.

TVN is the most profitable part of ITI, which generates roughly 80% of its revenues. The majority holder in the Station is ITI TV Holdings, which is 51% co-owned by Jan Wejchert, Mariusz Walter and Bruno Valsangiacomo.

(WBJ 16.ix.03)