KirchMedia will not name the shortlisted bidders who will progress to the final round of the auction for its assets, or comment on the next step in the process at all, a spokesman for the insolvent German media concern said.

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.

The debt-laden German media group Kirch has filed for insolvency, a leading member of the ruling party said today.

Formula One is to be sold by its German owner, according to reports.