KirchMedia, the insolvent TV arm of Leo Kirch’s fallen media empire, said on Thursday that it had received seven bids for its assets from possible investors with a highest bid of E2.6 billion.
“The high level of interest from potential investors confirms our view that the restructuring of KirchMedia can be completed successfully in the next few months,” said Wolfgang van Betteray, KirchMedia managing director.
The identities of the bidders have not been revealed but the sale is thought to have sparked a joint offer from German publishers, Axel Springer and Heinrich Bauer. Haim Saban, the US television magnate and the French broadcaster TF1 and have also expressed an interest in KirchMedia (see TF1 Confirms Preliminary Interest In Kirch Media).
The assets on offer include a 52.5% stake in ProSiebenSat.1, Germany’s leading commercial broadcaster, as well as an extensive film rights library and sports broadcasting rights. The successful buyer is expected to be announced by the end of this month or the beginning of September.
KirchMedia said yesterday that it posted losses of E2.17 billion in 2001 on sales of E1.35 billion. Creditors have subsequently made claims on the company totalling E8.5 billion.
