Mighty Saban Wrangles Buys For German Broadcaster
Billionaire entrepreneur, Haim Saban, who built a massive entertainment empire on the backs of the MIGHTY MORPHIN POWER RANGERS, became the first non-German to take over a major commercial TV broadcaster in Germany in two deals valued at about $2 billion. The agreement, spearheaded by his COO Adam Chesnoff, gives him a 36% stake in ProSiebenSat.1 and 72% of its voting shares in Germany's biggest broadcasting group. Recent reports had Saban bidding with French channel TF1 for the assets of bankrupt KirchMedia. While TF1 was not part of this deal it may acquire more of KirchMedia at a later date. Saban is also in the final stages to take over Kirch's licensing business, including its vast programming library in a separate $1.4 billion deal. KirchMedia will retain a 16.5% share of ProSiebenSat.1 voting rights via its joint venture with German publisher Axel Springer Verlag. Saban said in a statement, "I am confident that with our extensive experience and contacts in the global media industry combined with the continued hard work and commitment of the talented management team and employees of KirchMedia and ProSiebenSat.1, we will be well positioned for significant long-term growth as advertising levels recover and the overall economy improves in the world's second largest media market." Based in Munich, ProSiebenSat.1 runs four commercial channels: ProSieben, Sat. 1, Kabel 1 and N24, representing more than 25% of the German TV audience and about 40% of the territory's TV advertising revenue. The Egyptian-born Israeli-American Saban will control half of Germany's commercial TV market alongside Bertelsmann's RTL Group. The takeover deal has to be approved by Kirch's creditors as well as the Federal Cartel Office and Germany's media oversight commission. A Saban spokesman said the deal is expected to close in about two months.