The seemingly endless saga of debt-beset German media group EMTV has taken a new twist with the news that an international coalition of bidders is considering an offer for the group.

The new suitors are headed by Tele München Group, itself 45% owned by EMTV. Reportedly joining TMG are UK-headquartered venture capitalists Morgan Grenfell Private Equity (a unit of Deutsche Bank) and US private equity firm Hellman & Friedman.

The new bid could ruin the much-hyped rescue deal between EMTV and TMG rival Kirch Gruppe. Negotiations between the two have deteriorated recently over EMTV’s failure to provide full accounts.

EMTV owns a 50% stake in SLEC, the group that controls rights to Formula One motor racing events. It is thought that the new bidders, if successful, would offer holdings in SLEC to various car manufacturers and media groups around the world.

News source: Financial Times