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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 17, 1998
@ Entertainment, Inc.
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(Exact name of Registrant as Specified in Charter)
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<S> <C> <C>
Delaware 000-22877 06-1487156
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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One Commercial Plaza
Hartford, Connecticut 06103-3585
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(Address of Principal Executive Offices)
(860) 549-1674
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
On April 17, 1998, @ Entertainment, Inc. (the "Company") announced the
execution of a binding letter of intent (subject to the satisfaction of
certain specified contingencies) with Telewizyna Korporacja Partycypacyjna
("TKP") and the other shareholders of TKP, for the joint development and
operation of a digital direct-to-home ("DTH") television service for the
Polish market. A copy of the press release is attached as Exhibit 99.1 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
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Number Description
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99.1 Press Release of @ Entertainment, Inc.
dated April 17, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
@ Entertainment, Inc.
Date: April 20, 1998 By: /s/ Przemyslaw Szmyt
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By: Przemyslaw Szmyt
Its: Vice President, Secretary
and General Counsel
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EXHIBIT INDEX
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Exhibit Number Description
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99.1 Press Release of @ Entertainment, Inc. dated April 17, 1998.
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Exhibit 99.1
FORM IMMEDIATE RELEASE
CANAL+Polska and @ Entertainment Join Forces
To Develop Pay and Digital Television in Poland
Warsaw (Poland), Hartford, CT (USA), and Paris (France)-April 17, 1998 --
@ Entertainment, Inc. (NASDAQ: ATEN) and Telewizyna Korporacja Partycypacyjna
("TKP"), the parent company of Canal+Polska, today announced that they had
signed a binding letter of intent bringing together @ Entertainment's Wizja
TV programming service and the CANAL + Polska premium pay-television channel,
and providing for the joint development and operation of a digital
direct-to-home (DTH) television service for the Polish market. The proposed
transaction is subject to regulatory approvals, including from the Polish
media authority KRRiTV, and the execution of definitive agreements.
Under the terms of the agreement, DTC Productions Sp.zo.o., a Polish
subsidiary of @ Entertainment, will subscribe for a 40% fully diluted share
interest in TKP for approximately US$112 million in cash. Concurrent with
the subscription, TKP will purchase all of the pay-TV assets of
@ Entertainment for approximately US$38 million and will assume substantially
all of @ Entertainment's contracts and obligations related to its pay-TV
operation. At closing, the pro forma ownership of TKP, which will own the new
digital platform and Canal+Polska, will be: 40% by DTC Productions, 40% by
Canal+SA, 10% by Agora and 10% by Polcom. The new digital platform will be
open to other Polish investors.
@ Entertainment will retain 100% interest in its Poland Communications,
Inc. (PCI) subsidiary, which operates its cable networks in Poland.
The letter of intent stipulates a standstill agreement whereby neither
party may, for a period of 45 days after the execution of the agreement,
launch any digital pay-television service. Pursuant to this agreement, @
Entertainment has postponed its planned launch this month of Wizja TV. Both
parties have agreed to reschedule the launch of this service for September
1998 under the Wizja + brand name.
The channel line-up of Wizja+ will consist of a diversified chance of high
quality Polish and international channels, broadcast in the Polish language,
and include three multiplexed versions of CANAL+Polska. The detailed line-up
will be announced shortly and will comply with all applicable Polish and
European regulations.
-More-
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@ Entertainment/CANAL+
April 17, 1998
Page 2
@ Entertainment is the developer of both the Wizja TV programming and DTH
service. Through its PCI subsidiary, the Company owns and operates the
largest cable television network in Poland with 800,192 subscribers as of
February 28, 1998.
Telewizyna Korporacja Partycypacyjna ("TKP") is the parent company of
the Polish premium pay-TV channel CANAL+ Polska. CANAL+ Polska is the second
largest investor in the Polish firm industry and devotes 40 percent of its
airtime to Polish productions. CANAL+ Polska also concluded an exclusive
five-year contract to broadcast Polish first division soccer, offers a
variety of innovative TV magazines and reached major agreements with the
Hollywood studios. CANAL+ Polska has 240,000 analog subscribers.
Agora is the controlling company of one of the largest media groups in
Poland with diversified interests in newspapers (Gazeta Wyborcza), radio and
billboards.
Polcom is a Polish investment company headed by the well-known Polish
producer Lew Rywin, who is also the Chairman of TKP.
CANAL+ SA is Europe's largest pay-TV group with over 9.5 million subscribers
and premium services in 13 countries.
The aforementioned remarks contain forward-looking statements that involve
risks and uncertainties without limitation those related to regulatory
approvals and other variables concerning the establishment of the joint
venture, and the timing of the launch of joint venture services.
Press contacts:
For @ Entertainment: Cathleen Mayrose (212-885-0474), Francisco Gebauer
(212-885-0472) and Przemek Szmyt (011-48-22-608-9825)
For TKP/CANAL+ Polska: Lew Rywin (011-48-22-657-0900) and
Dominique Lessage (011-48-22-657-0818)
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For CANAL + SA: Laurence Gallot (011-3314-425-1942)
Jean-Louis Erneux (011-33-14-425-7581)
