The president of Poland has vetoed a media bill that targets a US corporation.

On Monday, Poland’s president vetoed a media bill that would have required Discovery Communications to sell its controlling stake in Polish television network TVN.

For many, it was a victory for freedom of expression and media independence in a country where the nationalist government is challenging democratic norms. The veto was also likely to be applauded by Washington, which had been attempting to safeguard the country’s largest investment.

President Andrzej Duda stated that the bill was unpopular among many Poles and that it would have harmed Poland’s reputation as a corporate destination.

“Contracts must be honored,” Duda stated at a Warsaw press conference announcing his veto. “It’s a matter of honor for us Poles.”

The plan, which was just passed by the lower house of parliament, would have made it illegal for any non-European business to possess more than a 49 percent share in Polish television or radio broadcasters.

Its practical consequence would have been to target only one existing firm, Discovery Inc., forcing the American owner of TVN, Poland’s largest private television network, to divest the bulk, if not all, of its Polish holdings.

Law and Justice, the ruling party, lobbied for the legislation, arguing that it was critical for national security and sovereignty to ensure that no corporation outside of Europe could dominate companies that shape public opinion.

Anita Czerwinska, a party spokesperson, said party leaders respected the president’s authority as a party ally, but were “disappointed” by his choice.

“European countries safeguard their media markets from excess foreign capital because they regard this area to be strategic for security and national security,” Czerwinska added, stressing that failing to do so would result in “submission to other governments (and) their interests.”

Many Poles, however, interpreted the bill as an attempt to suppress a broadcaster with an all-news station, TVN24, and a popular nighttime news program on its main channel.

Recently, nationwide protests were held in support of the station and, more broadly, freedom of speech. Duda’s decision, according to Donald Tusk, the chairman of the centrist Civic Platform opposition party who spoke at the rally, demonstrates the importance of US pressure — as well as street pressure.

“Let no one tell you it’s not worth it, that it’s impossible, or that you can’t accomplish it.” Tusk replied on Twitter, “We can and must.”

Discovery had vowed to sue Poland in an international arbitration court if it didn’t get its money back. The network was first purchased for $2 billion by Scripps Networks Interactive before being sold to Discovery.

It is the greatest American investment in Poland ever, and TVN is now valued at $3 billion, according to the corporation.

According to Duda, the bill would have violated rules of a Polish-US commercial deal negotiated in the 1990s, and Poland may have faced billion-dollar penalties if he had approved it.

Duda said he agreed in principle that governments should restrict foreign ownership of media companies, citing the United States, France, and Germany as examples.

He stated that he would vote in favor of legislation that would have an impact on future investments. However, he claimed that in the instance of TVN, the regulation would have been detrimental to a company that was already functioning legally in Poland.

He also stated that he agreed with many of his fellow Poles that the bill was not necessary at this time due to other issues such as the pandemic and inflation.

“We appreciate the president for doing the right thing and standing up for essential democratic ideals of a free press and the rule of law, and we want to thank all the viewers and everyone who has supported this important subject,” Discovery said of Duda’s decision.