Springer and Bauer Eye KirchMedia Bid

18 June 2002

German publishers Axel Springer and Heinrich Bauer are to enter the auction for KirchMedia, the insolvent rights and free-to-air TV subsidiary of fallen media empire Kirch Gruppe.

The duo, chiefly interested in KirchMedia’s majority stake in broadcast giant ProSiebenSat.1, intend to put together a consortium to bid for the unit, and are said to be considering adding extra partners. Springer is reportedly also seeking a 25%-plus blocking minority in the company.

The bid faces competition from a rival consortium of Commerzbank, publisher WAZ Gruppe and US movie studio Columbia TriStar.

Data sourced from: Handelsblatt (Germany); additional content by WARC staff