Endemol

Interesting?

Two Emails from my friend dealing with Cyrte:

19 March

Checked with Frank Botman, CEO Cyrtc. They're working together with Apollo to get to 60% plus of the Endemol debt. They secured the additional 18% from Barclays and are now looking to buy another 20% with support from third party investor.

9 March

Proposed Transaction:

• Endemol, equity owned by Goldman & Berlusconi & Cyrte, defaulted on debt, equity worthless

• Total debt €1.8bn outstanding

• EV approx. €1.1bn; 6.4x — 6.1x HE 2012 EBITDA of €170mil - €180mil (2011€164mi1)

• Cyrte (institutional fund set up by Endemol founder John de Mol, now only minor holing in Cyrte) buying senior debt

• o Holds 22% of senior

■Loan to value 20%

[ ] o Secured / Buying additional 18% of senior from Barclays

• With 40% negative control

• o In negotiations to buy additional 27% for full control

• Held by banks, Goldman, Apollo

• Depending on negotiations (ongoing) €100mil - 200mi1price tag

• INVESTOR to join forces with Cyrte, inject €100mil - €200mi1 to buy up to control level (67%)

• Follow on consolidation acquisitions lined up in industry

• Exit in 2-3 years