August 2002 – September 2006

Pay TV

Czech Republic


Karneval grew impressively during the MidEuropa partnership


In 2002 MidEuropa acquired Czech pay TV business Karneval, which resulted from the acquisition by TES Media of Intercable CZ. The integration created substantial synergies, and there was further opportunity for the strong management team to pursue revenue growth and margin enhancement by adding new services. At the time of exit, Karneval was the second largest cable TV operator in the Czech Republic.

Karneval grew impressively during the MidEuropa partnership, with revenue and EBITDA increasing by 24% and 31%, CAGR respectively.

MidEuropa’s investment in Karneval was sold in 2006 to Unite Holdco III B.V., a company jointly owned by Deutsche Bank AG London and JP Morgan.


Partnership highlights:

  • Invested heavily to introduce new services: high speed internet, digital TV and telephony
  • Implemented uniform, standard product offering and pricing across all markets
  • Enhanced the finance and sales function with experienced talent
  • Designed and implemented the company’s first-ever management equity incentive plan to align interests 
  • Implemented best practices related to corporate governance and strengthened supervisory board with industry experts to support management


Value creation:

  • Operational Excellence
  • Organic Growth