it has joined with Polish Media organisation ITI to form anew company called TVN.

CME applied May 26 for 20 regional licences to develop a television station and broadcast programme with initial capitalisation of $5 million in Poland.

If approved, TVN expects to begin broadcasting from Warsaw and will reach about one third of Poland households, about 12.7 million viewers.

ITI will hold 67 percent equity in the new company with CME holding the remainder.

A licensing decision is expected later this year.

Broadcasting launch would be one year after licence approval.

Publicly traded CME participates in Central Europe's broadcast sector.