Final Three Bids for Antenna Hungária

Hungarian broadcast services company Antenna Hungária (AH) moved another step closer to privatization as the number of bidders was pared down to three (July 15th). Bidding for AH started in April, conducted by the Hungarian Privatization and State Holding Company (APV).

Swisscom Broadcast is a wholly owned subsidiary of Swisscom. Swisscom Broadcast has a monopoly for broadcast transmission services in Switzerland. Swisscom itself is 62.7% owned by the Swiss government. In a stock buy-back program initiated in 2004 free-held shares would be reduced to increase the equity held by the Swiss government.

ORF is the Austrian public service broadcaster. Its wholly owned transmission services company Österreichischer Rundfunksender (ORS) provides transmitters and facilities for both public and private sector broadcasters. ORF commercial director Alexander Wrabetz told the Austrian media magazine TV Matrix that the company expects higher profits from international expansion, which would give it “the possibility of making money where it is still possible.”

Wrabetz speculated that a central European transmission services company could be successfully floated on a stock exchange. He also said ORF is interested in other central European broadcast infrastructure companies..

Macquarie already has an international footprint as an infrastructure provider, in toll roads and airports as well as broadcast transmission services. It is counting on further broadcast transmission service privatizations in central Europe and larger revenues from leasing tower space to mobile networks and satellite companies. Macquarie already owns UK broadcast transmission supplier ntl:Broadcast, purchased for €1.85 billion. It recently purchased BBC Broadcast for €242 million, valued at 11.6 times earnings.

Antenna Hungária announced at the end of May that digital terrestrial television service would be launched this fall.

The sale of 75% plus one vote of Antenna Hungária shares is widely viewed as a bellweather for other central European transmission services privatizations. The final decision is expected at the APV board meeting July 28th. The Economic Competition Commission (GVH) will then rule on the deal within 90 days. - July 18, 2005

Keywords:privatization,broadcasting in Hungary

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