Luxembourg, October 3, 2005 – SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.: SBS) announces that the proposed acquisition of SBS’s business by an entity controlled by funds advised by two leading private equity firms, Permira and KKR, was approved by its shareholders at the extraordinary general meeting of SBS’s shareholders held today in Luxembourg. SBS’s shareholders also approved the related resolutions set out in the Shareholders Circular that was distributed on September 1, 2005 in relation to the transaction.
SBS expects that the closing for the transaction will occur in the second half of October 2005, following the satisfaction or waiver of the remaining conditions precedent included in the Sale and Purchase Agreement for the transaction, and that the distribution to shareholders of sale proceeds and related amounts and payments to option holders will occur shortly thereafter. The remaining conditions precedent, which are described in the Shareholders Circular, include receipt of competition clearance from the European Commission. SBS plans to announce when the remaining conditions precedent have been satisfied or waived and the closing date has been established.
