The bidding consortium of German publisher Heinrich Bauer Verlag and the HypoVereinsbank has been selected by the creditors committee of the insolvent KirchMedia to enter into exclusive negotiations for the take over of the media concern which includes the private broadcasters ProSieben, SAT.1, Kabel 1 and the former KirchGroup's film library.

According to KirchMedia managing director Hans-Joachim Ziems, Hollywood major Columbia TriStar may come onboard the Bauer/HypoVereinsbank consortium for the talks which are expected to be concluded by December 15.

Although not officially confirmed, it is understood that the shortlisted consortium's offer hovers around the Euro 2bn mark.