Saban Signs Deal for Germany’s ProSieben

11 August 2003

US billionaire Haim Saban has now officially agreed the deal to buy German television giant ProSiebenSat.1.

Over the weekend, the entrepreneur signed an acquisition contract under which he will buy a 72% stake in ProSieben from defunct media group KirchMedia.

The deal includes an estimated €525 million ($592m; £370m) for the stake plus a capital increase at the broadcaster of about €300m. Saban will also make a public offer for ProSieben’s remaining listed shares.

Speaking to Germany’s Welt am Sonntag, the billionaire rebuffed speculation he plans to install new executives and insisted he would not seek to interfere in his new acquisition’s editorial line.

“I have no intention to interfere journalistically,” he declared. “But they must remain balanced.”

The deal brings to a close the drawn-out dismemberment of German media empire Kirch Gruppe, which collapsed early last year. It is expected to be completed this week.

Data sourced from: Financial Times; additional content by WARC staff