The consortium of German publishing empire Heinrich Bauer and HypoVereinsbank is expected to sign a Euros 700m deal for a majority 52.5% stake in the ProSiebenSat.1 broadcasting family in the next two weeks.

Speaking to the Reuters news agency after a meeting of the insolvent KirchMedia's creditor committee on Monday December 9, managing director Heinz-Joachim Ziems stated that "the first big contract, ProSiebenSat.1 is virtually ready to sign, that will happen before Christmas".

This contract will not, however, take effect until agreement has also been reached on the sale of KirchMedia's film library where Bauer's contribution has been set at around Euros 200m. Ziems does not expect the details of the sale of the film library to be finalised until the New Year.

Meanwhile, a new last-minute bid by billionaire media mogul Haim Saban for KirchMedia - including Euros 800m for ProSiebenSat.1 - looks as having little chance of success. Ziems declined to comment on the reports to Reuters, stressing instead that "we see no reason to reduce the constructive negotiations or to undertake parallel negotiations", while a Bauer spokesman stated: "We are continuing to negotiate our matters quite normally."