ITI, the giant Polish media concern today (3 July) postponed its share flotation on the Warsaw stock exchange. It blamed difficult stock-market conditions.

"Despite the good reception of the offering and high interest in ITI, extremely difficult market conditions, both in Poland and abroad led us to decide to postpone the offering," the company said in a statement. Technology, media and telecoms have depressed stock-markets around the world in recent months.

But a number of analysts said that the flotation was also affected by the company's complicated structure and the hefty valuation it had sought. The company set a price range of $2.40-$3.40 (Zlotys9.75-14.00) a share for the IPO, while valuations made by independent banks ranged between $1.60-$2.40 (Zlotys6.60 - Zlotys 9.72) a share.

The company owns a majority stake in Poland's number three TV broadcaster TVN and is a joint venture partner with UCI in the Multikino multiplex circuit.

By selling some 48% of its shares ITI had hoped to raise $80m-$130m much of which would have gone to finance its $150m buy in of the 33% of TVN held by SBS Broadcasting.

It gave no new date for the share sale.