Business News

Telekom ordered to pay Greek partner in joint media venture

Ljubljana, 04 November (STA) - Telekom Slovenije, the telecoms incumbent, has been ordered to pay EUR 17.6 million with default interest to its Greek partner in a media joint venture that the Greeks have long sought to exit.

Telekom had partnered with Antenna Group in 2013 to forge a joint venture that produces Planet TV, a small commercial TV station that has been in the red ever since it launched.

In several steps over the past few years Telekom gradually increased its ownership stake from the initial 51% as it recapitalised the loss-making company, most recently called Antenna TV SL.

The Greeks eventually wanted to exit the joint venture in accordance with a put option, but the two partners had not been able to reach an agreement and resorted to arbitration.

Telekom said Monday that the Court of Arbitration of the International Chamber of Commerce decided on 31 October that Antenna Group had exercised its put option correctly.

The company now has to pay Antennna Group EUR 17.6 million for its remaining 34% stake in the joint venture plus the costs of arbitration.

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