Polish president vetoes media bill that targeted US company

By AP News

Share:

WARSAW, Poland (AP) — Poland’s president on Monday said he has decided to veto a media bill that would have forced U.S. company Discovery to give up its controlling share in TVN, a Polish TV network.

FILE - Poland's President Andrzej Duda talks for the media during a news conference with North Macedonia's President Stevo Pendarovski at the presidential office in Skopje, North Macedonia, on Friday, Nov. 19, 2021. Poland’s president on Monday, Dec. 27, 2021 says he has decided to veto a media bill that would have forced U.S. company Discovery to give up controlling share in TVN, a Polish TV network. President Andrzej Duda noted that the bill was unpopular with many Poles and would have dealt a blow to Poland's reputation as a place to do business. (AP Photo/Boris Grdanoski, File)

WARSAW, Poland (AP) — Poland’s president on Monday said he has decided to veto a media bill that would have forced U.S. company Discovery to give up its controlling share in TVN, a Polish TV network.

President Andrzej Duda noted that the bill was unpopular with many Poles and would have dealt a blow to Poland’s reputation as a place to do business.

Duda, who was facing pressure from the U.S. government to veto the bill, also argued that it is important for Poland to be seen as an honorable partner with its allies.

The bill, recently passed by the lower house of parliament, would have prevented any non-European entity from owning more than a 49% stake in television or radio broadcasters in Poland.

Its practical effect would have targeted only one existing company, Discovery Inc., forcing the U.S. owner of Poland’s largest private television network, TVN, to sell the majority or even all of its Polish holdings.

Polish government leaders pushed the legislation and argued that it is important for national security and sovereignty to ensure that no company outside of Europe can control companies that help form public opinion.

Yet many Poles saw the bill, pushed by the ruling Law and Justice party that Duda is aligned with, as an attempt to silence a broadcaster with an all-news station, TVN24, and an evening news program on its main channel viewed by millions.

Mass nationwide protests were recently held in support of the station and of freedom of speech more broadly.

Discovery had threatened to sue Poland in an international arbitration court, vowing to fight for its investment. The network was first bought by another U.S. company, Scripps Networks Interactive, for $2 billion and later sold to Discovery.

It represents the largest ever American investment in Poland and the company now puts TVN's value at $3 billion.

Duda said he agreed in principle that countries should limit foreign ownership in media companies, saying many other democratic countries — including the United States, France and Germany — have such legislation.

But he also said that in this case, the law would have hurt a business already operating legally in Poland.

He noted that signing the bill into law would have cost the nation billions of dollars, and said he shared the view of many of his fellow Poles that given other problems, the bill was not necessary right now.

Share:

In this article:

Industries:
Communication Services

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.