PPF grabs TV Nova

Vladimír Železný has been searching unsuccessfully for a strong investor for TV Nova, but much to his chagrin PPF has now snuck in the back door. PPF, known as the strongest Czech financial group, bought 24% of the CET 21 license-holder in a move that Železný and his partners are disputing. Železný says PPF must have known it wasn't acting in good faith, because his partners at MEF Holding had first option on the 24% stake. The lack of transparency at Nova was always an obstacle to major Western media groups, but PPF is intimately familiar with the ins and outs of Czech business. Aside from its success with Česká pojišťovna insurer, it lost a pile of money at IPB and has gotten media experience with Euro magazine. Euro says conveniently today that PPF might be the one to bring Nova and its related entities under a single roof.