Poland’s government will now have to approve any takeover of major media company TVN, which it fears is a target for investors from countries like Hungary, Russia and China.
The move could prove pivotal in Prime Minister Donald Tusk’s battle against the Law and Justice (PiS) party, which clashed with TVN while in government and would likely welcome a takeover linked to its political ally, Hungarian Prime Minister Viktor Orbán.
Tusk announced last week that Warsaw wanted to protect TVN and another major broadcaster, Polsat, from “hostile takeovers” fueled by proxy capital from Russia or China. On Wednesday, the government included the companies on a list of strategically important enterprises, making their potential acquisition subject to prior government approval.
According to several reports, Czech and Hungarian companies are interested in taking over TVN because its American owner, Warner Bros. Discovery, is facing huge losses.
TVN is one of Poland’s most influential broadcasters and has found itself at the center of political events in recent years. In 2019, the right-wing, PiS-led government took measures designed to force Warner Bros. Discovery to sell the broadcaster, but the measures were ultimately halted by President Andrzej Duda so as not to damage Poland’s relationship with the United States.
Although TVN itself is a profitable business, its owner is under pressure as it has a large debt to cover. In the second quarter of 2024, Warner Bros. Discovery recorded a loss of almost $10 billion.
PiS politicians are reportedly cheery at the prospect of a takeover by people close to Budapest. While the Hungarian leader’s Fidesz party has its differences with PiS, it is far more closely aligned to that than Tusk’s Civic Platform.
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