Clifford Chance Warsaw has advised Czech Media Invest on the sale of the Polish radio company Eurozet sp. z o.o. to Prague-based SFS Ventures s.r.o. and its partner, Polish media group Agora S.A. Weil, Gotshal, Manges advised SFS Ventures and Greenberg Traurig represented Agora S.A. in the acquisition.
The sale was conducted through the Czech Media Invest, a wholly-owned subsidiary of Czech Radio Center. SFS Ventures acquired 60% of the share capital of Eurozet and Agora acquired the remaining 40% as a passive minority investor with an option to buy-out SFS Ventures in the future.
Eurozet Sp. z o.o. engages in the production and broadcasting of radio programs, the sale of advertising time, and brokerage for stations and websites, as well as the creation and management of websites. It owns and operates radio stations, sells the advertising time of stations belonging to the group, and provides brokerage activities for other participants of the radio market in Poland. The company was founded in 1993 and is based in Warsaw, Poland.
CMI is a holding company that focuses on acquisitions and management of media assets in Central and Western Europe.
SFS Ventures is a Czech joint venture between Sourcefabric z.u., which was founded in Prague in 2010 to support independent journalism worldwide through open-source digital newsroom solutions, and Media Development Investment Fund, Inc. (MDIF) – an investment fund for independent news businesses. MDIF is a mix of 30 U.S. and European investment funds, private investors, media companies, foundations, development agencies and development finance institutions. MDIF is also a co-founder of the European Press Prize Foundation, a grouping of European media-owning foundations.
Agora is a media corporation in Poland that publishes Gazeta Wyborcza, a nationwide daily newspaper. Listed on the Warsaw Stock Exchange, the company owns local music radio stations Zlote Przeboje, Rock Radio, and Radio Pogoda and the online radio station Tuba FM, and it is the majority owner of the multiregional Radio TOK FM.
Clifford Chance's team was led by Counsel Krzysztof Hajdamowicz, supported by Associate Zuzanna Potoczna.
Greenberg Traurig's team was led by Partner Rafal Baranowski and included Managing Partner Jaroslaw Grzesiak, Partner Robert Gago, Senior Associates Filip Kijowski and Ewa Tabor-Maciejewska, and Associate Tomasz Denko.
Weil's Warsaw team was supervised by Managing Partner Pawel Rymarz and Partner Lukasz Gasinski. The team also included Partners Iwona Her and Marcin Iwaniszyn, Counsel Monika Kierepa, Lawyers Marzena Iskierka, Monika Michalowska, and Leszek Cyganiewicz, and Associates Jakub Czerka and Michal Milewski.