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Munich (pte036/05.06.2003/14:31) - US billionaire Haim Saban's plans to take over Leo Kirch's former media empire http://www.kirchmedia.de have failed.
KirchMedia's liquidator and the Saban Capital Group have signed an amicable agreement to dismantle the deal.
KirchMedia's creditor committee has rejected Saban's offer because points of contention between buyer, seller and the banks could not be resolved in time before the deadline set by the creditors.
The legal framework for the takeover of the insolvent KirchMedia group had been prepared in March. Had the deal succeeded, Saban would have held 36 per cent of core shares and 72 per cent of the voting rights in ProSiebenSat.1 Media AG, the Kirch film library and the KirchMedia film rights trade.
Liquidator Michael Jaffe and consultant Hans-Joachim Ziems now say they will go forward with an alternative plan approved by the board of creditors. The back-up plan, which had been developed in the event the takeover failed, will delay the sale of ProSiebenSat.1 for a few years.
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