A powerful quartet of German media and banking giants – Axel Springer, Heinrich Bauer, Spiegel and HypoVereinsbank – have teamed to bid for insolvent sporting rights and pay-TV titan KirchMedia.
If successful in their bid, Springer and Bauer would hold a majority stake of 51% in the new entity, while Spiegel (publisher of news weekly Der Spiegel) and HypoVereinsbank would gain 49%.
But success is far from assured. There is a formidable line-up of ten consortia bidding for this hot property, among them Commerzbank with US studio Columbia Tristar and French TV group TF1. According to a local Merrill Lynch soothsayer, the purchase price is likely be somewhere between €2 billion ($1.96bn; £1.26bn) and €3.5bm.
Data sourced from: Handelsblatt.com (Germany); additional content by WARC staff