Andrzej Duda announced his decision on social media on Saturday.
The president wrote on the X platform he would "veto the 2024 supplemental budget bill that includes PLN 3 billion (EUR 692 million) for state media."
Duda added the funding "cannot be approved due to a blatant violation of the constitution" and rule-of-law principles.
The president said that "state media must first be remedied in a credible and legal way."
Duda also said that "immediately after Christmas" he would put forward his own bill including all the other expenditures contained in the government plan, such as pay rises for teachers.
He called on parliament to pass the bill "before the end of the year."
On Wednesday, the government replaced the CEO's of state media to "restore the impartiality" of public broadcasters and "legal order," Prime Minister Donald Tusk said.
Poland's new pro-European governing coalition said that in recent years state media had become an instrument of the previous conservative government, which ruled Poland between 2015 and 2023.
The president said on Thursday that appointing the CEO's of state media was the prerogative of the National Media Council (RMN), and so the government's measures represented a "blatant breach of the constitution."
Source: PAP, RMF FM