Endemol rejects Time Warner approach

International formats giant Endemol is to reject Time Warner’s bid to acquire the company as the producer and distributor looks to reduce its debt.

The Dutch company has reportedly set a deadline of December 13 for a debt for equity swap that will see its creditors including Providence Equity Partners, Barclays, Goldman Sachs, RBS, Centerbridge and Apollo Management increase their stakes in the business ahead of any sale in return for lowering its debt commitments.

Time Warner made a US$1.4 billion bid for the company, which produces and distributes formats including Big Brother and Deal or No Deal as well as scripted series including Hell on Wheels, earlier this month.

The bid was spearheaded by former Endemol chief operating officer Ronald Goes, who is now head of international television production at Warner Bros. International Television Distribution.