(Un)hostile takeover

The CR's most publicized hostile takeover in years has ended in a friendly agreement. MEF Holding, which until recently was in firm control of TV Nova, has agreed with its former nemesis, PPF, on a joint approach for stabilizing and subsequently selling the station to a foreign investor. Vladimír Železný, who will remain as CEO and as one of the statutory representatives, signaled in his weekly TV show on Sat. that something was in the works: For the first time in weeks, he made no negative comments about PPF. Prior to that, Železný's remarks were on the verge of making it impossible for him to be considered a viable partner for PPF. Advertisers will welcome the new stability at TV Nova. It's now up to PPF to prove that it's serious about untangling the ownership mess and channeling the advertising money back into productive uses.