PwC seeks buyer for Romanian TV station Prima TV
PwC Romania announced that it would be in charge of finding a buyer for local TV station Prima TV, owned by Cristian Burci through Prima Broadcasting Group.
The company’s representatives and its creditors granted an exclusive mandate to PwC for this purpose. The consultancy firm appointed a team of Mergers & Acquisitions (M&A) and Business Recovery Services (BRS) specialists to carry out this mandate.
PwC’s release comes only several months after Prima TV’s creditors approved the transfer of the business to Adrian Tomsa, the owner of Clever Media, Paginademedia.ro commented. In October 2018, the creditors’ board agreed to sell the business to Tomsa for EUR 4.8 million and, in February 2019, the draft contract was agreed. Contacted by Paginademedia.ro, Tomsa confirmed that his offer is “still valid”, but he will give PwC a final confirmation next week.
First Broadcasting Group was founded in 1992, with Prima TV being launched two years later in 1994. Due to the difficulties it faced in 2015, the company entered the insolvency procedures aiming to reorganize its business. In 2017, the creditors approved a reorganization plan that includes the option of business transfer.
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