KirchMedia's creditors have approved US media mogul Haim Saban's offer to buy a controlling stake in Germany's ProSiebenSat.1 media group.
The insolvent KirchMedia announced that its creditor committee had voted unanimously to accept the proposal of insolvency administrator Michael Jaffe to sell KirchMedia's shares in ProSiebenSat.1 Media AG to Saban Capital Group.
"The conclusion of the agreement will be executed in the next few days", a statement said.
Saban will become the first foreign media entrepreneur to gain control over a substantial chunk of the German television market after foiled attempts in the past two decades by such media groups as Viacom, News Corp, Liberty Media and Walt Disney to conquer the German market.
According to Reuters, a committee of nine people representing ProSieben's creditors - including Commerzbank AG, HVB Group AG and DZ Bank, met on August 5 to consider Saban's bid alongside others, including one from Apax Partners & Co.
Saban's earlier bid for ProSiebenSat.1 in June fell through after he failed to obtain sufficient financial backing.