Insolvent German broadcast and sporting rights giant KirchMedia, enjoying a luxury of choice rarely granted to bankrupts, has named two syndicates as preferred bidders for its assets.
They are Saban Capital Group (the investment vehicle of former Power Rangers billionaire Haim Saban) with French television group TF1; and a consortium led by Japanese electronics giant Sony and Germany’s Commerzbank. Both groups now advance to the final stage of the auction.
As will the Axel Springer/Heinrich Bauer publishing alliance if it is prepared to increase its marker to sit at the poker table.
The lips of all the parties are sealed, save for a KirchMedia mole who squealed: “The position is very confused with just two bidders, and no one is clear whether the successful bidder will have to make an offer for the remaining 30% of the company which is listed.”
Data sourced from: Financial Times; additional content by WARC staff