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Munich (pte030/18.03.2003/14:11) - US millionaire Haim Saban has taken over the core business of the insolvent Kirch group. As reported by KirchMedia http://www.kirchmedia.de , Saban signed the contract for the purchase of a majority share in ProSiebenSat.1 Media AG yesterday.
The consortium surrounding Saban, which includes French station TF1, will own 36 per cent of the TV group and thereby hold 72 per cent of voting rights.
This is the first time a foreign investor has assumed a decisive position in the German media. Saban will sign contracts for the film rights and film library of KirchMedia within the next ten days.
"One doesn't often have the opportunity to take over and develop the most important television station group in Germany," said Saban. KirchMedia manager Hans-Joachim Ziems said he was pleased with the deal and that the results of the negotiations were "satisfying for everyone involved". Wolfgang van Betteray, also a manager at KirchMedia, called the marathon negotiations his "greatest professional challenge" up to now.
Both partners have agreed to keep the exact sales price under wraps, but it became clear during the bidding procedure that KirchMedia's core business is worth about two billion euros. Analysts estimate that 36 per cent of ProSiebenSat.1 is worth about 500m euros.
At the end of last year, KirchMedia announced plans to sell ProSiebenSat.1 to Bauer publishers, but the authorities opposed the deal because of Bauer's shares in RTL2. Saban, an old hand at the television business, was then able to make his bid. He is responsible for importing the Japanese cartoon series "Mighty Morphin Power Rangers" and "Ninja Turtles" to the USA, and for founding the children's channel Fox Family with Rupert Murdoch.
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