Saban to Buy KirchMedia Broadcast Outlet

The Dow Jones Business News reports that U.S. billionaire Haim Saban is set to purchase Germany’s largest private broadcaster, ProSiebenSat.1, from KirchMedia GmbH. The purchase will, for the first time, put a significant piece of Germany’s TV market in the hands of foreign investors. The sale price is rumored to be around two billion euros ($2.15 billion).

Saban, who built his empire on kids TV properties like Mighty Morphin’ Power Rangers, also earned $1.5 billion by selling his share in the Fox Family Worldwide Inc. joint venture with News Corp. to Walt Disney Co. He will reportedly close a deal within 10 days to buy KirchMedia’s film library.

The film library and ProSiebenSat.1 are two of the Kirch Group’s assets being sold off in the wake of its collapse. The company was once Germany’s second largest media entity.