Time Warner offers billion for Endemol
Time Warner has offered one billion euros for the highly indebted Dutch TV producer Endemol. The US media giant is offering the sum in cash, a spokesperson for the producer of formats such as "Big Brother" said on Monday.
The bid does not change the fact that Endemol wants to remain an independent company and is therefore aiming to restructure its debts of around two billion euros with the help of its lenders. Endemol is owned by Goldman Sachs, Mediaset and the investment firm of founder John de Mol.
The company has already breached its loan covenants and an exemption expires on Tuesday. Endemol is active in 31 countries including the USA, the UK and India. The company specializes in reality TV and game shows. (SDA/RTD)
