Time Warner makes 'revised' offer to buy Endemol

12th December 2011, Comments 0 comments

US media giant Time Warner has revised its offer to buy Endemol, the Dutch production firm announced Monday after it rejected a previous bid that the Italian press said totalled one billion euros.

"Endemol has received a revised offer from Time Warner," spokesman Charlie Gardner told AFP, adding: "The company has passed it on to the lenders."

An informed source told AFP that the revised offer was of the same amount as the previous one, but was entirely in cash instead of a combination of cash and a debt buy-back.

Debt-laden Endemol, which invented TV reality shows such as "Big Brother" and "Star Academy," is currently held by the investment bank Goldman Sachs, Cyrte Investments and Spain's Mediacinco, a company jointly controlled by Mediaset of Italy and its Spanish subsidiary TeleCinco.

Each owns a 33 percent stake.

The company has been in negotiations for several months to restructure its debt of more than 2.0 billion euros ($2.6 billion).

Endemol rejected an initial offer from Time Warner of around 1 billion euros, according to a report last month by the Italian daily La Repubblica on which the Dutch company declined to comment.

The Il Sole 24 Ore business daily reported last week that Endemol's creditors, including speculative funds, were planning to take over the company by converting the debt into shares before selling it off at auction.

The Mediaset television group, for its part, confirmed on November 24 having made an offer for Endemol together with the Clessidra investment fund, without disclosing the amount.

© 2011 AFP

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