Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Cartoon King Revives Bid for German TV

FRANKFURT, Germany -- A group of investors led by U.S. billionaire Haim Saban has submitted a revived bid to buy a majority stake in German television broadcaster ProSiebenSat.1 Media, industry sources said Sunday.

The bid for 72 percent of ProSieben's vote-wielding ordinary shares, owned by insolvent German media group KirchMedia, will be discussed by Kirch creditors Tuesday, the sources said.

"It's a much better offer than was on the table a few weeks ago," said one source. "Saban has begun to realize that he now has only one shot at this."

Two months after the collapse of Saban's first attempt to buy the ProSieben stake and KirchMedia's extensive film library, sources say Saban's revived approach has a much better chance of success because some key issues have been resolved.

First, he now boasts the support of five private equity firms: Providence Equity Partners, Hellman & Friedman, Thomas H. Lee, Quadrangle Group and Bain Capital, which reduces his personal involvement and satisfies creditors' concerns about financing. Saban's stake in the consortium would be about 25 percent, one source said.

Second, Saban, who made a fortune with children's TV figures such as the Power Rangers, is unlikely to seek an exemption to German rules that would require him to make an offer to ProSieben's small shareholders, sources say.

Third, the consortium appears set to back a capital increase at the broadcaster, banking sources said.