BERLIN — Creditors of insolvent TV group Kirch Media are expecting a new offer from Haim Saban this week in the seemingly never-ending sale of the bankrupt Kirch Media’s multi-channel broadcaster ProSiebenSat 1.
Saban representatives in Germany have declined to comment, but his new e700 million ($781 million) bid is said to include a mandatory offer to buy out ProSiebenSat 1 minority shareholders, a requirement under German law that Saban tried to evade the first time around.
The U.S. producer is not expected to bid for the remaining Kirch programming library, whose top 2,000 titles were acquired by ProSiebenSat 1 following the collapse of Saban’s first takeover bid in June.
Kirch Media’s creditor committee, which includes reps from creditor banks as well as Hollywood studios, is reportedly due to meet Tuesday to review Saban’s new proposal.
According to a report in German weekly Der Spiegel, Saban is also prepared to assume $223 million in debt from an outstanding high-yield bond and back a $335 million cash injection into the group, which has been wracked by the advertising downturn.