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10/06/2002
Consortium prepares buy out of KirchMedia
KirchMedia, the majority stakeholder of the free-to-air broadcaster ProSeibenSat 1 and part of the ailing German media giant Kirch Gruppe, is on the verge of being bought over by a consortium comprising of WAZ Gruppe, Commerzbank AG and Columbia TriStar.
It is believed that the consortium will make an offer in the region of €2 billion at the end of this week for KirchMedia's library film and sports rights and its 52.2% stake in ProSiebenSat 1. The German-based WAZ Gruppe and Commerzbank AG are believed to have each put together 40% of the bid with Columbia TriStar representing a 20% stake.
The KirchMedia creditors, ring-fenced from the company since it filed for insolvency in April, met to consider the proposals last Thursday. It was further reported that the creditors have reacted favourably to the proposals.
The €2 billion offer would most likely wipe out KirchGruppe's debts without the need for the group to sell off its foreign shareholdings.
Other parts of the Kirch empire are already up for grabs, with KirchGruppe's stake in newspaper group Axel Springer, publisher of Bild and Die Welt, up for sale. Last week, KirchGruppe agreed to hand over its 40% stake in Axel Springer to main creditor Deutsche Bank if it could not sell the shares by the end of August. The Axel Springer shares are worth about €785 million, which would clear the €720 million loan from Deutsche Bank which Kirch defaulted on this year.
The insolvent business, which is understood to have been drawn up for auction by Investment bank UBS Warburg, has been the subject much of speculation, as industry observers link up to 50 companies to the company's interests. Axel Springer has also been mentioned as a possible buyer of KirchMedia as it already holds a stake of just under 11.8% in ProSiebenSat1.
Other companies linked to KirchMedia include Metro Goldwyn Mayer, Disney, AOL Time Warner and the Paramount studio business of Viacom.
Analysts believe that any serious bidders will be seeking to take over the business shorn of its liabilities.
(GMcG)
It is believed that the consortium will make an offer in the region of €2 billion at the end of this week for KirchMedia's library film and sports rights and its 52.2% stake in ProSiebenSat 1. The German-based WAZ Gruppe and Commerzbank AG are believed to have each put together 40% of the bid with Columbia TriStar representing a 20% stake.
The KirchMedia creditors, ring-fenced from the company since it filed for insolvency in April, met to consider the proposals last Thursday. It was further reported that the creditors have reacted favourably to the proposals.
The €2 billion offer would most likely wipe out KirchGruppe's debts without the need for the group to sell off its foreign shareholdings.
Other parts of the Kirch empire are already up for grabs, with KirchGruppe's stake in newspaper group Axel Springer, publisher of Bild and Die Welt, up for sale. Last week, KirchGruppe agreed to hand over its 40% stake in Axel Springer to main creditor Deutsche Bank if it could not sell the shares by the end of August. The Axel Springer shares are worth about €785 million, which would clear the €720 million loan from Deutsche Bank which Kirch defaulted on this year.
The insolvent business, which is understood to have been drawn up for auction by Investment bank UBS Warburg, has been the subject much of speculation, as industry observers link up to 50 companies to the company's interests. Axel Springer has also been mentioned as a possible buyer of KirchMedia as it already holds a stake of just under 11.8% in ProSiebenSat1.
Other companies linked to KirchMedia include Metro Goldwyn Mayer, Disney, AOL Time Warner and the Paramount studio business of Viacom.
Analysts believe that any serious bidders will be seeking to take over the business shorn of its liabilities.
(GMcG)
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