BERLIN -- Bankrupt Kirch Media's insolvency management has admitted that it is waiting for an offer for the assets from billionaire Haim Saban, even though it is in "exclusive" talks with German publishing giant Heinrich Bauer.
"We can't sign a deal with Bauer if we know Saban is making an offer," interim managing director Hans-Joachim Ziems said Wednesday. "We'll wait those few days and see how concrete the offer gets." He added that he "would no longer say that Saban doesn't stand a chance."
German publishing giant Heinrich Bauer had been poised to take over Kirch Media's lucrative assets, including broadcasting group ProSiebenSat 1 and a vast film library, for some $2 billion.
"Saban has caught up much of Bauer's head start in recent weeks," Ziems said, confirming reports that the two bids were of equivalent value and similarly advanced.
Unlike Bauer's bid, Saban's offer would not run into problems with media ownership rules that Bauer faces due to its stake in rival web RTL2 and the slew of TV guides it publishes.
"If both offers were identical, the cartel issue was certainly a positive for Saban," said Ziems.
Saban's team is reportedly racing to put together the complex deal in nearly daily talks with Kirch Media and the creditor banks, which have the final say over the bids.
Ziems said he expected to wrap up the talks next week, before presenting the results to the creditor banks. He's aiming for a decision by the end of February.
One of Kirch Media's main creditors, the cash-strapped state-run Bayern LB, is understood to be especially sweet on Saban as his offer could mean more liquid cash than Bauer's takeover plan.
Bavarian state officials are also backing him: "Saban understands his business and is a very amiable partner," said Bavarian economics minister Otto Wiesheu.
(Reuters contributed to this report.)
Contact Ed Meza at
ed.meza@mannaa.de