Weil Gotshal & Manges has advised TVN on its sale of the remaining 25% of web portal Onet Holding sp. z o.o. to joint venture partner Ringier Axel Springer Media AG, giving Ringier Axel Springer full control of the company. Clifford Chance advised the buyers on the deal.
The acquisition stems from an agreement signed by Polish media company TVN and Ringier Axel Springer Media in 2012, the year that the two companies jointly established Onet.
“Ringier Axel Springer has been an excellent partner in Onet, and the sale of our remaining stake in the business enables us to focus on developing and building TVN’s portfolio of entertainment, news, and lifestyle brands across linear and digital platforms,” said TVN President and CEO Jim Samples.
Ringier Axel Springer Media CEO Mark Dekan said: “The acquisition of the remaining shares in Onet Holding is a logical step in our digitization and growth strategy, and will allow us to further roll-out the plans in the development of our product and service offering. We will further invest in the field of content creation with a special focus on mobile, video and native advertising. I would like to thank TVN for the good cooperation we have had throughout the years.”
Ringier Axel Springer Media AG was established in 2010 as a joint venture between Swiss Ringier and German Axel Springer to combine their operations in Central and Eastern Europe.
The Weil team was led by Partner Artur Zawadowski, supported by Associates Jacek Balicki and Jerzy Bombczynski.
Clifford Chance did not reply to an inquiry on the subject.