July 9, 2008 / 7:14 AM / 11 years ago

Agora plans to buy news channel Superstacja-paper

WARSAW, July 9 (Reuters) - Polish media group Agora AGOD.WA plans to take over news channel Superstacja to secure a foothold on the local television market, daily Rzeczpospolita reported on Wednesday, without citing sources.

According to the daily, Agora first wants to buy a minority stake and has already completed due diligence.

Agora declined to comment.

The company, which is present in all media segments outside television, amassed a war chest of almost $500 million to raise its exposure to new media and the Internet.

But its shares are down nearly 50 percent year-to-date as investors punished the company for paying $54 million for classified ads business Trader.com, whose 2007 sales were 19 million zlotys ($9.1 million).

Agora Chief Executive Marek Sowa said earlier this year he was willing to sacrifice margins in the short term to cut its reliance on newspaper publishing, which now generates around 70 percent of the group’s revenues. (Reporting by Adrian Krajewski; editing by Sue Thomas)

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