This article was updated at 4:53 p.m.

BERLIN — Haim Saban is today back at the bargaining table with insolvent TV group Kirch Media and its creditor banks after making a second bid for German broadcasting group ProSiebenSat 1.

Kirch Media received Saban’s offer Sunday, nearly two months after his first bid collapsed when he failed to find sufficient financial backing for the purchase.

This time around, the U.S. producer has secured support from equity investors Hellman & Friedman, Bain Capital, Quadrangle Group, Thomas H. Lee and Providence Equity Partners.

Reps for Kirch and Saban declined to give details of the new bid, which is to be reviewed today by Kirch Media’s creditor committee.

Saban reportedly wants 72% of the controlling shares in the multi-channel ProSiebenSat.1. If successful, he would become the first foreign player to break into Germany’s close-knit TV market, the second biggest in the world.

After Saban’s failed first attempt, Kirch Media execs said they would run ProSiebenSat 1 on their own with the help of creditor banks Bayern LB, HVB, DZ Bank and Commerzbank, for several years until media prices improved.

However, that strategy meant creditors would have to pump up to 300 million euros ($338 million) into the group.

Saban may have a better chance with this second offer. First, he is not seeking to take over ProSiebenSat.1 on his own but will likely hold only a 25% share in the bidding consortium. In addition, Saban appears ready to go through with a mandatory offer to minority shareholders as stipulated by German law but that he tried to shirk the first time around.

The new investors are also said to have agreed to a cash injection for ProSiebenSat 1, which has been battered by the advertising downturn.

It’s not clear how much Saban is willing to pay for ProSiebenSat 1, although creditors would likely turn down the offer if it is less than $8.47 per share, or a total of $593 million, which he agreed to pay in June. Some reports have put the current price at $780 million.

The new sale is unlikely to include Kirch Media’s vast film library. ProSiebenSat 1 agreed to purchase the top 2,000 films from the programming stockpile — about 80% of the value of the library — following the collapse of talks with Saban in June.