Time Warner Revises $1.3 Billion Bid for Endemol to All-Cash Offer
Ahead of the reality TV powerhouse's planned debt restructuring, the entertainment conglomerate sweetens its bid, which originally included debt.
NEW YORK - Time Warner revised its 1 billion euros ($1.3 billion) bid for Dutch reality TV powerhouse Endemol, the producer of Big Brother, Deal or No Deal and others to an all-cash offer, the New York Post reported.
It had previously offered the same amount, but in cash and deb - an offer that was rejectedt. The revised offer comes ahead of a Tuesday deadline set by Endemol's creditors for completing a debt restructuring that the company said it was focusing on despite the TW offer.
Endemol has struggled with its debt burden and is looking to cut its $3.7 billion in debt to $670 million in the restructuring.
Endemol’s creditors include Apollo Management, Centerbridge, Providence Equity Partners, Barclays, Goldman Sachs and RBS.
Time Warner wasn't immediately available for comment.
Silvio Berlusconi's Mediaset, which has also eyed its future involvement in Endemol, owns a third of Endemol. Lenders may be willing to consider an Endemol sale after the debt restructuring.