As planned following the purchase of the majority of ProSiebenSat.1 Media on March 17 (Screendaily, March 17), US media mogul Haim Saban has now concluded a deal with insolvency manager Michael Jaffe and the KirchMedia management to acquire the film library of 18,000 films and TV series and the film rights business.

The KirchMedia creditor committee of the four creditor banks Bayern LB, Commerzbank, HVB Group and DZ Bank as well as the US majors Columbia and Disney will meet on Monday March 31 to give their blessing to the 40,000 page contractual agreement for ProSiebenSat.1 Media and the library and rights division.

The deal will then be submitted to the Bundeskartellamt (federal anti-trust authorities) and the KEK (the federal regulatory body for media concentration in Germany) for approval which is not expected to be a problem given that the Saban Group is a new entrant into the German broadcasting landscape.