US media group seeks to take over debt-laden production company behind Big Brother and Deal or No DealThe US media firm's offer is thought to be worth about €1bn (£858m). "We have received an approach; it will now be put forward to Endemol's lenders to consider," said Charlie Armitstead, a spokesman for Endemol. "It doesn't come as a surprise – Endemol is an attractive asset."
Endemol has been labouring to restructure €2.8bn in loans after being unable to meet its banking covenants. The company has been in protracted discussions with lenders. That aside, the company is performing well at an operating level with a forecast of earnings before interest, tax, depreciation and amortisation of about €140m this year.
The production company is jointly owned by Italian prime minister Silvio Berlusconi's Mediaset, Goldman Sachs's Capital Partners and Endemol founder John de Mol's investment vehicle Cyrte.
The timing of Time Warner's unsolicited bid is opportunistic and will require the two-thirds majority approval of Endemol's lenders, which include Barclays and RBS, to succeed.
Guardian
