WARSAW, Feb 13 (Reuters) - Polish broadcaster TVN plans to buy back shares and part of its debt, expecting a rebound in television advertising this year after a weak few years, the group said on Thursday.
The group, with a market value of about 5.6-billion zlotys ($1.8 billion), plans to buy back 500 million zlotys worth of shares this year and next year, with up to half of the programme to be completed in 2014.
It also got its supervisory board’s approval to buy back up to 60 million euros ($81.5 million) of debt, the costs of which have affected TVN’s net profit in recent years.
The broadcaster closed 2013 with a 21 percent dip in operating profit to 297 million zlotys - around 100 million below analyst forecasts.
($1 = 3.0601 Polish zlotys)
$1 = 0.7359 euros Reporting by Adrian Krajewski; Editing by Mark Potter