TVN & Ringier Axel Springer Enter Negotiations for Onet

WARSAW: Poland’s TVN is in talks with Ringier Axel Springer to sell its Onet.pl Internet portal.

The exclusive talks are said to run until the end of May. TVN would still retain a minority stake in Onet, Poland’s leading Internet portal, and would continue to be involved in the joint development. Ringier Axel Springer, German publisher Axel Springer’s joint venture with Swiss Ringier, would take a controlling interest.

Markus Tellenbach, the president and CEO of TVN, said: "Onet is ideally positioned to expand the scope of its operations and engage in new projects benefitting from the fast paced evolution of the Polish media landscape as well as the rapidly expanding online market whilst creating significant value for its shareholders. A future partnership with Ringier Axel Springer Media would allow Onet to dynamically develop its existing business as well as benefit from complementary strength of a new ownership structure."