ITI/TVN

 The ITI Group is the leading Polish media and entertainment group, active in television broadcasting, television production, new media, multiplex cinema operations, home-video and theatrical distribution and football.

Onet is the #1 Polish portal with 9.5 million unique users and over 2.3 billion page views per month leading to a 37% online advertising market share. Onet reported cash revenue of PLN 71 million in 2005 with 78% of revenue coming from advertising services and 22% generated by subscription-based fee revenue.

TVN is Poland's leading commercial television broadcaster.

Cypress advised ITI Holdings S.A. in connection with the sale of the company’s 82.35% ownership interest in Grupa Onet.pl S.A. to TVN. The purchase price of PLN 1,093 million (US $355 million), or PLN 165 per Onet.pl share, was settled in a combination of TVN shares and the delivery of the ITI Media Bond. Cypress also rendered a fairness opinion in connection with the transaction.