AMSTERDAM -- Pan-Euro channel launcher SBS Broadcasting has sold a 2.6% equity stake in its Polish channel TVN to ITI TV Holdings, a subsidiary of the channel's major stockholder ITI Holdings, for $11 million.
The broadcaster tried to sell its 33.4% stake in the channel to the Polish media conglomerate for $150 million in cash and bonds in June, but the deal, which was contingent on closure of ITI's initial public offering on the Warsaw Stock Exchange, fell through.
SBS acquired the stake in July 2000. The current transaction gives ITI a call option exercisable until December to buy the remaining SBS shares and a 69.6% equity interest in TVN.
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