The creditors of insolvent German media group KirchMedia have voted unanimously to accept a â‚Ź1.3 billion bid for the ProSieben broadcasting business from US media investor, Haim Saban (see Saban Back In For KirchMedia).
The agreement comes just two months after another â‚Ź2.0 billion proposal collapsed (see
Kirch TV Deal Hits The Rocks). Saban’s â‚Ź7.50 per share offer will give him control of 72% of ProSiebenSat1, Germany’s largest broadcaster.
A previously agreed offer for the business from German publisher Bauer Verlag also fell through earlier this year (see German Publisher Abandons Bid For Kirch).
It is understood that Saban’s acquisition could be formally completed as early as the end of this week.
