US billionaire Saban bids €2.6bn for KirchMedia - report

With an offer of €2.6bn, US billionaire and film producer Haim Saban has lodged the highest bid for the assets of the insolvent KirchMedia, German media reported.

However, the Sueddeutsche Zeitung said Saban is not seriously interested in purchasing the KirchMedia assets, which include a 52.5% stake in ProSiebenSAT.1, a film library, and a sports rights business.

The second-highest bidder with an offer of €2.2bn, according to FOCUS magazine, is the French broadcaster TF1, which it said could join with Saban in the next round.

A consortium comprising HypoVereinsbank, Axel Springer Verlag, Heinrich Bauer Verlag and Spiegel-Verlag has offered €1.9bn, media said.

US broadcaster NBC and Hollywood Studio Columbia-TriStar were also serious contenders, they said.

According to FOCUS, of the seven bids lodged, the auction will be narrowed to three candidates in the coming weeks.

KirchMedia said last week that seven offers have been received, with a highest bid of €2.6bn. It said it expects a final decision on the sale to be made by the end of August or the beginning of September.