Endemol Group says it has been approached by Time Warner, which is interested in acquiring the financially troubled production company.
Published reports put Time Warner's bid at $1.4 billion. Time Warner declined to comment.
Endemol, which created Big Brother and Extreme Makeover: Home Edition, has about $3.8 billion in debt that it is trying to restructure.
‘We have received an approach from Time Warner which doesn't come as a surprise -- Endemol is performing well and is a highly attractive asset," The company said in a statement. "This doesn't change anything, we remain focused on reaching a solution with lenders. 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."
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.