Time Warner has offered 1 billion euros ($1.34 billion) in cash to purchase television production company Endemol, maker of Big Brother, which is trying to restructure about 2 billion euros of debt, an Endemol spokesman said on Monday. The spokesman said Endemol believed it had a future as an independent company and was no more likely to accept the latest offer than it was Time Warner's previous debt-and-equity offer last month."From the company's perspective, this doesn't change anything. We're focused on getting a restructuring with lenders complete," he said. "Those discussions have now entered their final stages. We're confident an agreement is imminent."Endemol, which is owned by Goldman Sachs, Mediaset and founder John de Mol's boutique investment firm Cyrte, has breached its banking covenants. A waiver has been extended from mid-November until Tuesday.The spokesman said the Netherlands-based company is set to beat expectations of earnings before interest, tax, depreciation and amortisation of 140 million euros this year.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 1.53% or $-0.53/share to $34.07. In the past year, the shares have traded as low as $27.62 and as high as $38.62. On average, 8062270 shares of TWX exchange hands on a given day and today's volume is recorded at 707672.
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