Commerzbank, Columbia and WAZ join for KirchMedia bid
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The mainstay of Leo Kirch's debt-crippled German media empire, KirchMedia, could be sold this week to a consortium including Germany's Commerzbank and the publisher WAZ Gruppe, and Sony Corp's Columbia TriStar, according to weekend reports.
Speculation mounted that the consortium was close to sealing a bid for the insolvent KirchMedia, which is in interim administration, beating off interest from tens of other media groups and venture capital companies.
KirchMedia is the most attractive part ofKirch Group, which is being unbundled after mounting debts and losses made the future of Germany's second-biggest media company unviable. As well as owning television rights to the current and 2006 World Cups, KirchMedia holds a 52 per cent stake in ProSiebenSat1, the country's top commercial broadcaster.
Industry sources said a deal to buy KirchMedia would see Commerzbank and WAZ Gruppe each take a 40 per cent stake, and Columbia TriStar 20 per cent. The parties met the head of KirchMedia, Wolfgang van Betteray, other creditor banks and the insolvency administrator last Thursday to discuss the proposal.
The German government had previously indicated its desire for a "German solution".
Kirch Holding, the parent company, which has more than 70 subsidiaries, has total debts of about $5.7bn (£4bn).
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments