BERLIN -- The sale of bankrupt German TV giant Kirch Media is expected to be completed by the end of the week following Monday's meeting of the creditor banks.
The lenders have asked Kirch Media's insolvency management to decide between rival bidders Haim Saban and German publisher Heinrich Bauer, according to a company spokesman.
Saban, partnering with French TV group TF1, and Bauer, who is backed by Kirch creditor HypoVereinsbank, want to acquire Kirch's ProSiebenSat 1, Germany's largest broadcasting group, as well as a vast film library.
The creditor committee met for more than six hours Monday to review the two offers. While the German Bauer remains the odds-on favorite, both it and Saban remain in the running with no clear winner in sight.
Insiders say there is very tangible political pressure to keep Germany's biggest broadcaster in German hands. Indeed, a decision in favor of Saban, an Israeli-born U.S. billionaire, would mean a fundamental change to the media industry, which has always been in the control of local players.
The sale, originally scheduled to end last September, is expected to raise E2 billion ($2.21 billion).
Contact Ed Meza at
ed.meza@mannaa.de