French broadcaster TF1 has tabled a bid for the insolvent Kirch Media of around E2.0 billion, according to reports in the Financial Times. Kirch Media has been teetering on the brink of full financial collapse (see KirchMedia Files For Bankruptcy Signalling The Demise Of The Kirch Empire) and has already seen the closure of Premiere World, Kirch’s pay-TV operation (see KirchPayTV Files For Insolvency, BSkyB Expects No Return).
However, TF1’s bid is at the bottom of the range of offers and is therefore unlikely to ever be completed, according to ABN. The FT reports that bids in the range of E1.8 billion to E2.5 billion have been tabled from German publishers Axel Springer and Bauer, as well as the country’s third-largest listed bank, Commerzbank.