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INDUSTRY Germany

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Saban buys Kirch library

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- Subject to approval, American producer is now the proud owner of Europe's biggest film library for a reported $1.4bn

Haim Saban, the Egyptian-born American producer and tycoon, is now the owner of 18,000-title film library - the biggest in Europe, and also the relative rights business. The news was announced by Saban on 27 March and follows his purchase of KirchMedia’s majority share of the ProsiebenSat1 group. Although no figures have been released, Saban is reported to have paid around $550m (Euros512.916m) for the TV network and $1.4b (Euros1.305.604b) for the catalogue.
Although both deals appear watertight they are however subject to approval both by KirchMedia’s creditors’ committee who are likely to meet and decide by Monday, 31 March, and the German Antitrust Authority and KEK, German media’s regulatory watchdog whose decision should be announced in about two months’ time at the most.

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