Sanoma Submits Highest Bid For ProSieben Assets - Report

Date : 04/16/2011 @ 7:23AM
Source : Dow Jones News
Stock : Brt Apartments Corp. (MD) (BRT)
Quote : 8.05  0.31 (4.01%) @ 4:00PM

Sanoma Submits Highest Bid For ProSieben Assets - Report

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Finnish media company Sanoma Oyj (SAA1V.HE) and its local partners have placed the highest bid for the Dutch TV channels owned by competitor ProSiebenSat.1 Media AG (PSM.XE), newspaper De Standaard reported Saturday, citing people familiar with the situation.

It's not clear whether the bid will be enough however, the newspaper reported, citing a separate source as saying ProSieben plans to push for an even higher price.

Sanoma may have bid more than EUR1 billion for the Dutch channels SBS6, Net 5, and Veronica, the newspaper reported, adding that the winner of the bidding process should be known before the Easter break, which begins on Friday.

ProSiebenSat.1 started an auction process for the sale of its assets in Belgium, the Netherlands and Nordic countries in recent months, but will only sell if the price is right. The assets being sold are all part of ProSiebenSat.1's unit formerly known as SBS Broadcasting.

-By Frances Robinson, Dow Jones Newswires; +32 2 741 1486; frances.robinson@dowjones.com

 
 

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