American venture capital group Apollo is planning to seize power at Dutch entertainment company Endemol, the Financieele Dagblad reports on Thursday, quoting unnamed sources.
The Financieele Dagblad says Apollo has reached a deal with Endemol’s creditors to ensure it has a majority of the company’s shares. Endemol, responsible for television productions such as Big Brother and Deal or No Deal, has been at the centre of a power struggle for years, the paper states.
Sources told the FD Apollo has now convinced creditors including Royal Bank of Scotland to sell its debt, which would give it enough to go to court to force a debt for equity swap.
Apollo owns Core Media, which includes American Idol and So you think you can Dance among its formats.
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