ProSiebenSat.1 CEO says SBS takeover could be complete by Q4 |
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Wed, 04 Apr 2007 08:35
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FRANKFURT (AFX) - ProSiebenSat.1 Media AG expects to complete its planned takeover of SBS Broadcasting Group by the fourth quarter of this year, chief executive Guillaume de Posch told Sueddeutsche Zeitung in an interview.'If we can come to an agreement, the transaction could be completed this year,' de Posch told the newspaper.ProSiebenSat.1 will make a decision on whether to make a bid for SBS by the end of July, after completing due diligence, de Posch said.The company would finance the takeover with loans rather than a capital increase, to take advantage of its low debt level, de Posch said.He said it is too early to assess what level of savings the takeover may generate, adding the fact that the company owns 100 pct of all its channels makes it easier to lift synergies.ProSiebenSat.1 last week said it is examining a possible takeover of SBS in a bid to create one of Europe's leading television companies, and is being advised by Citigroup Inc and audit firm Susat.The main shareholders of ProSiebenSat.1 - Germany's biggest commercial TV provider - are private equity firms KKR and Permira, as well as German media company Axel Springer AG. SBS is also majority-owned by KKR and Permira.Turning to the company's operating business, de Posch told Sueddeutsche he still expects the television advertising market to grow 2-3 pct this year.'Competition is tough, but in March we had a market share of almost 30 pct,' he said.maria.sheahan@thomson.commas/icCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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ProSiebenSat.1 says examining acquisition of SBS Broadcasting 