Luxembourg, September 2, 2005 - SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.: SBS) announced today that it has commenced distribution of the shareholders circular for the Extraordinary General Meeting of its shareholders that is scheduled to be held on October 3, 2005 in Luxembourg. The purpose of the Extraordinary General Meeting is to consider the previously announced proposed acquisition of the business of SBS by an entity owned by funds advised by two leading international private equity firms, Permira and Kohlberg Kravis Roberts & Co. L.P.
SBS is mailing the shareholders circular to shareholders of record on August 24, 2005, the record date for the Extraordinary General Meeting. The shareholders circular is also being made available today on SBSs website, www.sbsbroadcasting.com, will be available free of charge at SBSs registered offices in Luxembourg and the offices of Deutsche Bank AG, Amsterdam Branch, its paying agent in The Netherlands for the purposes hereof, at the addresses set out below, and will be furnished to the U.S. Securities and Exchange Commission on a Report on Form 6-K.
Subject to approval of the transaction by the shareholders of SBS at the Extraordinary General Meeting and satisfaction of the other conditions precedent to the closing of the transaction set out in the Sale and Purchase Agreement entered into by SBS in relation to the transaction, SBS expects that the closing of the transaction will occur in late October. As soon as practicable after the closing date for the transaction has been set, SBS will announce the closing date, the record date for the distribution to shareholders of the proceeds of the transaction and certain other amounts, and the date on which trading of SBS shares on the Nasdaq National Market and Euronext Amsterdam will be suspended in order to allow trades on the Nasdaq National Market and Euronext Amsterdam to settle prior to the record date for the distribution.
