WARSAW, June 11 (Reuters) - Polish broadcaster TVN bought 5 million of its own shares for 100 million zlotys ($33 million) in the first tranche of a share buyback programme, the company said on Wednesday.
TVN also reiterated that it expected another buyback offer worth 120-150 million zlotys later in the year.
Saddled with euro-denominated debt costs and struggling with a dire advertising market, TVN moved to spin off businesses to cut debt and revive profits in recent years.
Earlier this year, it said it saw a recovery in the television ad market, allowing for the buybacks of shares and bonds.
TVN’s revenue rose 2.5 percent in the first quarter to 352 million zlotys, while net profit amounted to 11.14 million, in line with analyst forecasts.
$1 = 3.0367 Polish Zlotys Reporting by Karolina Slowikowska; Editing by Mark Potter