Time Warner bids 1B euros to acquire Endemol

Nov 05, 2011 By RYAN NAKASHIMA , AP Business Writer

(AP) -- Time Warner Inc. has made an unsolicited bid to acquire Endemol, the Dutch entertainment giant behind hit reality TV shows like "Big Brother" and "Deal or No Deal."

The New York-based media giant bid 1 billion euros ($1.4 billion) to buy the company, according to a person familiar with the matter. That person was not authorized to comment publicly and spoke on condition of anonymity.

Endemol spokesman Charlie Gardner confirmed the bid on Friday following earlier reports of the deal.

Gardner said the company had not been seeking a buyer and is focused on restructuring debt that was incurred when it was bought for around $3.6 billion in 2007 by Italian Premier Silvio Berlusconi's Mediaset, and Dutch Cyrte Investments, which was founded to manage Endemol co-founder John de Mol's private wealth.

Gardner said that a non-binding bid submitted by Time Warner this week would be passed on to Endemol's lenders.

"This doesn't change anything, we remain focused on reaching a solution with lenders," Endemol said in a statement. "Those discussions continue to make good progress and we are confident that an agreement will put the business on a firm financial footing and strengthen Endemol's prospects for the future."

Endemol, which also produces "Extreme Makeover: Home Edition," said in August it was launching a division to produce and finance scripted TV shows, including "Hell on Wheels," which is set to premiere on channel AMC on Sunday.

Explore further: Out-of-patience investors sell off Amazon

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Foursquare in deal to create TV series based on it

Dec 02, 2010

(AP) -- Foursquare, a popular startup that lets people share their location with friends through a mobile app, is working with production company Endemol USA to create a television series.

Liberty Global to buy No. 3 German cable network

Mar 21, 2011

(AP) -- Colorado-based cable and broadband company Liberty Global Inc. said Monday it has agreed to buy the No. 3 German cable-television provider for 3.16 billion euros ($4.48 billion).

Warner to sell entire company, near agreement

Apr 14, 2011

Warner Music Group Corp. is seeking to sell the entire company, rather than parts of the business, and could agree on a buyer within weeks, The Wall Street Journal reported on Thursday.

Google 'mulls bid for Yahoo!'

Oct 22, 2011

US Internet giant Google is mulling a bid for rival Yahoo! and has talked to at least two private-equity firms to consider how the deal would be financed, The Wall Street Journal reported on Saturday.

Cablevision in $1.4B deal for cable co. Bresnan

Jun 14, 2010

(AP) -- Cablevision Systems Corp. said Monday it will pay $1.4 billion to expand far beyond its focus in the New York City area with the purchase of Bresnan Communications, a mid-sized cable TV provider in ...

Recommended for you

Out-of-patience investors sell off Amazon

12 hours ago

Amazon has long acted like an ideal customer on its own website: a freewheeling big spender with no worries about balancing a checkbook. Investors confident in founder and CEO Jeff Bezos' invest-and-expand ...

States ascend into the cloud

18 hours ago

Seven years ago, the state of Delaware started moving computer servers out of closets and from under workers' desks to create a consolidated data center and a virtual computing climate.

Microsoft drops Nokia name from smartphones

20 hours ago

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

21 hours ago

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Squirrel
not rated yet Nov 05, 2011
The real story is that, the company was sold to the Spanish telecom and media corporation Telefónica (see wikipedia)
in 2000 $7.5 billion.
Then in 2007 $3.6 billion
Now in 2011 $1.4 billion.