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Warner Bros Discovery ( WBD ) is working with advisers from JP

Morgan

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Sales materials due to be distributed early next year

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Group's value could exceed $1 billion

By Amy-Jo Crowley and Elvira Pollina

LONDON, Dec 20 (Reuters) - The owner of TVN Group has

begun the process of selling the Polish media broadcaster, four

people familiar with the matter told Reuters.

Shareholder Warner Bros Discovery ( WBD ) is working with

advisers at JPMorgan on the sale of the company, the people

said.

The investment bank has been in contact with potential

buyers for the asset in recent weeks with sales materials to be

distributed early next year, two of the people said.

A spokesperson for Warner Bros Discovery ( WBD ) said: "As we

evaluate a sale of TVN, we will prioritise its independent news

status."

JPMorgan declined to comment, while TVN Group referred

requests for comment to Warner Bros Discovery ( WBD ).

TVN Group, which includes 24-hour news channels TVN24 and

TVN24BiS, could be valued at above 1 billion euros ($1.04

billion) in a sale, two other people said. The four people were

speaking on condition of anonymity because the matter was

private.

The Polish government last week said it had decided to add

several media and telecommunication firms, including TVN, to its

list of strategic companies. This means that a takeover of these

companies will not be possible without the government's consent,

the country's prime minister said.

Warner Bros Discovery ( WBD ) is targeting domestic and

international media groups as possible buyers for TVN Group, the

first two people said.

U.S. media group Scripps Networks bought a majority stake in

TVN Group in 2015 for $615.3 million, valuing the business at

1.8 billion dollars at the time, and bought the rest of the

business later that year.

The company was brought into the Warner Brothers Discovery

group after Warner Brother's 2022 merger with the Discovery

Channel, which owned Scripps.

Warner Bros Discovery ( WBD ) earlier this month decided to separate

its declining cable TV businesses, including CNN, from its

streaming and studio operations. Under the new structure for

Warner Bros Discovery ( WBD ), the cable TV business including TNT,

Animal Planet and CNN will be housed in a unit called Global

Linear Networks.

TVN Group revenues grew to 2.26 billion zlotys in 2023 from

2.14 billion zlotys ($522.01 million) a year earlier, due to

higher advertising and subscriptions revenues, according to

company filings in Poland. Net profit was 419.7 million zlotys,

up from 331.8 million zlotys in 2022.

($1 = 0.9620 euros)

($1 = 4.0995 zlotys)