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.