Reuters: Mergers News: Italy's Mediaset sells Endemol stake - paper

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Italy's Mediaset sells Endemol stake - paper Apr 3rd 2012, 06:04 MILAN, April 3 | Tue Apr 3, 2012 2:04am EDT MILAN, April 3 (Reuters) - Italy's largest commercial broadcaster Mediaset has sold its senior debt in reality television show producer Endemol to one of the other debtholders for about 72 million euros, business daily Il Sole-24 Ore said on Tuesday without citing sources. Mediaset's parent company Fininvest had classified the Endemol stake in its balance sheet last week as "available for sale," the paper noted. Mediaset bought Endemol, creator of "Big Brother," in 2007 with a group of financial buyers. The buyers saddled the company with debt and, after a drop in earnings, Endemol failed to meet the terms on the loans in 2011. If converted to equity, the stake would equal about 6 percent of capital, the paper said. A debt deal last month left Apollo Global Management LLC as one of the company's largest shareholders. Mediaset could not immediately be reached for comment.

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