A team of PwC Romania, made up of specialists from the M & A and Business Recovery Services (BRS) departments, is in charge of finding a buyer for Prima TV, the TV station owned by Prima Broadcasting Group SRL as the company’s representatives and creditors decided to grant an exclusive mandate to PwC for this purpose.
George Ureche, Head of Merger & Acquisitions, PwC Romania: “The trend in the Media and Telecommunications sector observed from the beginning of 2019 is global consolidation amid the need to generate and disseminate attractive content and deliver value added services to customers as efficiently as possible. The big companies plan very carefully their future development strategy, and the new ones have to make great efforts to find their place in the permanently evolving value chain. We expect to see large transactions in Romania in 2019, both in the media and telecoms, where the consolidation of the market comes from the need to create synergies and, implicitly, value for shareholders. Prima TV is a representative TV station with a long history, going through several transactions, with a very strong brand and it can represent a good opportunity to develop a new media platform in Romania or a valuable asset for the already existing TV companies in the market.”
Cristian Gavril, Head of Business Recovery Services, PwC Romania: “We are interested in providing tailored solutions to companies in difficulty, aiming to harness our combined experience in M & A, restructuring and insolvency. We want to provide our collaborators with our regional experience and networking, also by facilitating asset recovery from insolvency procedures in the local market.”
Prima Broadcasting Group SRL was established in 1992, Prima TV station being launched two years later. Due to the difficulties it faced in 2015, the company entered the insolvency proceedings in order to reorganize its activity. In 2017, lenders approved a reorganization plan that includes the option of business transfer. In May 2019, the company and its creditors decided to issue an exclusive mandate to PwC Romania in order to complete a possible transaction.