A consortium of German magazine group, Bauer Verlag, and Bavarian bank, HVB Group AG, has emerged as the successful suitor to the KirchMedia business, following months of bidding (see Kirch Move Prompts World Cup Rights Auction).
KirchMedia, the insolvent arm of the now-collapsed KirchGruppe empire (see
Kirch Investors Abandon Rescue Plans), is now in exclusive negotiations with Bauer, according to reports. It is understood that Bauer and HVB Group tabled a higher bid than the TF1 and Mediaset-led consortia.
The prime asset of the KirchMedia group is the 52.5% stake in ProSiebenSAT1, Germany’s largest free to air broadcaster. It also has a very extensive rights library, including a number of key sports broadcasting rights.
