Kirch creditors sign off on Saban deal

Mogul takes film library, rights business

BERLIN — Kirch creditors approved Haim Saban’s takeover of the former Kirch Media assets on Monday, pushing the deal closer to fruition.

Saban secured Kirch Media’s film library and rights business last week, ending the yearlong sale of the bankrupt German conglom’s holdings. The billionaire producer purchased Kirch’s ProSiebenSat 1 on March 17.

Monday’s approval by the Kirch Media creditor committee had been expected and was little more than a formality. The committee includes reps from German banks Bayern LB, Commerzbank, HypoVereinsbank and DZ Bank, as well as Disney and Columbia.

The purchase still must also be approved by federal antitrust watchdogs and state media regulators.

Meanwhile, Kirch Media’s insolvency management is still reviewing bids for the company’s remaining assets, including sports channel DSF, which has attracted the attention of German kidvidder EM.TV.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading