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Time Warner bids 1B euros to acquire Endemol
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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.
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, Goldman Sachs and Dutch private equity firm Cyrte Investments, which was founded to manage Endemol co-founder John de Mol’s private wealth.
“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 pay TV channel AMC on Sunday.
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