Warner Bros Discovery Receives Bids for Polish Broadcaster TVN

Warner Bros Discovery (WBD) has received at least two bids for its Polish broadcaster TVN, with Polish billionaire Michal Solowow and media group Wirtualna Polska Holding (WP) expressing interest in acquiring the leading television broadcaster. The bids come as WBD evaluates a sale of TVN, with preliminary offers due by January 31.

Solowow, 62, is worth $2.5 billion according to Bloomberg Billionaires Index and $6.8 billion according to Forbes. He has a sprawling portfolio of investments, including chemicals, energy, ceramic tiles, and used to own radio and newspaper assets. Solowow's MS Galleon fund submitted a non-binding offer for TVN, considering it a type of transaction to which they should respond positively.

WP, a Warsaw-listed company with a market capitalization of 2.2 billion zloty, is also considering a bid for TVN. The company's potential partners may include Rafal Brzoska, the billionaire CEO of parcel locker operator InPost SA, as well as US-based investors. WP's press officer declined to comment on M&A-related topics.

The fate of TVN's 24 TV channels, including Poland's most-watched news network, has become a political issue in the European Union and NATO member nation. Facing a presidential election in May and potential interference from neighboring Russia, Poland just added TVN and another leading broadcaster, Polsat, to a group of strategic companies. This gives the government a final say in any deal in which TVN's owners change.

National Security Issue
The move was applauded by the outgoing US ambassador to Warsaw, who said it was needed to "protect strategic infrastructure from potential national security threats." However, the development may have curbed TVN's appeal for foreign investors, with the people familiar with the deliberations saying it may have limited the number of potential bidders.

Greek broadcaster Antenna Group has also shown interest in TVN, although it's not clear if and how the firm will participate. There's much uncertainty over the configuration of bids and a scenario where the local entrepreneurs team up for TVN isn't ruled out.

Solowow, 62, is worth $2.5 billion according to Bloomberg Billionaires Index and $6.8 billion according to Forbes. He has a sprawling portfolio of investments, including chemicals, energy, ceramic tiles, and used to own radio and newspaper assets. Solowow's MS Galleon fund submitted a non-binding offer for TVN, considering it a type of transaction to which they should respond positively.

WP, a Warsaw-listed company with a market capitalization of 2.2 billion zloty, is also considering a bid for TVN. The company's potential partners may include Rafal Brzoska, the billionaire CEO of parcel locker operator InPost SA, as well as US-based investors. WP's press officer declined to comment on M&A-related topics.

The fate of TVN's 24 TV channels, including Poland's most-watched news network, has become a political issue in the European Union and NATO member nation. Facing a presidential election in May and potential interference from neighboring Russia, Poland just added TVN and another leading broadcaster, Polsat, to a group of strategic companies. This gives the government a final say in any deal in which TVN's owners change.

National Security Issue
The move was applauded by the outgoing US ambassador to Warsaw, who said it was needed to "protect strategic infrastructure from potential national security threats." However, the development may have curbed TVN's appeal for foreign investors, with the people familiar with the deliberations saying it may have limited the number of potential bidders.

Greek broadcaster Antenna Group has also shown interest in TVN, although it's not clear if and how the firm will participate. There's much uncertainty over the configuration of bids and a scenario where the local entrepreneurs team up for TVN isn't ruled out.