MUMBAI: SBS Broadcasting S.A. and PKS Media S.?.r.l, a company controlled by funds advised by two private equity firms, Permira and KKR, has declared that PKS Media has finished the previously announced acquisition of all assets and liabilities of SBS. PKS Media will be renamed SBS Broadcasting S.?.r.l.

PKS Media CEO Markus Tellenbach will retain his post and will also be appointed to the board of directors of the new holding company for the SBS group, along with Harry Evans Sloan, former executive chairman of SBS, and Juergen Von Schwerin, who will continue as chief financial officer.

The new board will also include Lord Hollick, a KKR executive, as chairman, Götz Mäuser, a Permira partner, as vice chairman, Arnold Bahlmann, a former member of Bertelsmann's executive board and an advisor to Permira, Katrin Wehr-Seiter of Permira and ohannes Huth and Dominic Murphy of KKR.

SBS Broadcasting S.A., the former holding company, which is being renamed "TVSL, société anonyme", is now entering into a liquidation process under which it will distribute the proceeds of the asset sale and certain other amounts to SBS shareholders and holders of SBS stock options. According to the factors described in the Shareholders' Circular dated 1 September, the expected liquidation distribution is approximately  46 per share.

Sloan says, "The acquisition of SBS by funds advised by Permira and KKR represents a very attractive transaction for our shareholders. The transaction represents the endorsement by Permira and KKR, two of the world's leading private equity firms, of SBS, its business model and its growth strategy and will foster SBS's future success."

Tellenbach adds, "I look forward to working with Permira, KKR, the new board and the SBS management team to expand and diversify our presence in Europe and to continue to build upon SBS's growth story."