ITV seeks Endemol
August 31, 2011
By Chris Forrester
Reports suggest that UK commercial network ITV is looking to acquire format specialists Endemol. ITV is also said to be in discussion with Italy’s Mediaset, which is one of three owners of Endemol equity.
Endemol itself is heavily indebted with at least $2 billion in debt (some reports put the debt burden at nearer $4 billion). In June the company breached its banking covenants. Besides Mediaset, Goldman Sachs and Cyrte Investments hold the balance of the company.
Endemol, best known for shows like Total Wipeout and Deal or No Deal, is itself trying to restructure its debt. Back in June its CEO Ynon Kreiz stepped down. Charles Allen, a former CEO at ITV was drafted into Endemol as a non-executive director.