Current Report No. 29/2016 of 24 November 2016.
The conclusion of the Agreement for acquisition of commercial communications with TVN Media Sp. o.o. by the subsidiary of Wirtualna Polska Holding S.A.
Legal basis: Art. 17 paragraph. 1 MAR
Contents of the report:
The Management Board of Wirtualna Polska Holding S.A. (The "Company") announces that in connection with the current report No. 37/2015 of 5 November 2015, no. 3/2016 of 15 January 2016, today, ie. 24 November 2016, was notified about establishment of essential conditions and conclusion on 24 November 2016 the Agreement for acquisition of commercial communications ( "Agreement") between a subsidiary of the Company - the company WP1 sp. o.o. with its registered office in Warsaw ( "WP1") and TVN Media Sp. o.o. with its registered office in Warsaw ( "TVN Media").
The Subject of the Agreement is in particular entrusting TVN Media, as an intermediary, the performance of permanent services in terms of:
a. negotiation and conclusion of contracts for advertising, distributed in a television program WP1 - on an exclusive basis,
b. the negotiation and conclusion of agreements in the field of electoral, political and social advertisements in the television program WP1 - on an exclusive basis,
c. negotiation and conclusion of contracts for sponsorship of programs published in a television program WP1 and agreements of the contribution to the funding of the program.
Revenues of WP1 will be receivables achieved in connection with the realization of the Subject of the Agreement by TVN Media, reduced with the commission fee payable to TVN Media for provided services, as determined in the Agreement. The value of the Agreement is dependent on the factors indicated in the Agreement, including achieving by WP1, set in the Agreement, the results of the program and the overall condition of the advertising market in Poland.
Estimated value of income resulting from the Subject of the Agreement may exceed the amount of 10% of consolidated sales revenue of the Capital Group of the Company for the last four quarters.
The Agreement shall enter into force on 24 November 2016 and it was concluded for a fixed period until 31 December 2019.
Signatures of the individuals representing the Company:
Jacek Świderski – President of the Management Board/Chief Executive Officer
Elżbieta Bujniewicz – Belka – Member of the Management Board/Chief Financial Officer