SBS Broadcasting Enters Into EUR 325 Million Secured Revolving Bank Facility

SBS Broadcasting Enters Into EUR 325 Million Secured Revolving Bank Facility

LUXEMBOURG, May 12/PRNewswire/ --

- Proceeds to Defease and Redeem 12% Senior Notes due 2008 and Refinance
EUR 210 Million C More Acquisition Debt

SBS Broadcasting S.A. (NASDAQ: SBTV; Euronext Amsterdam N.V.: SBS)
announced today that it and certain of its wholly owned subsidiaries
have entered into a EUR 325 million secured syndicated multicurrency
revolving credit facility (the "Facility") with ABN AMRO Bank N.V., Citigroup
Global Markets Limited, Deutsche Bank AG London and The Royal Bank of
Scotland plc, as lead arrangers.

In connection with the Facility, the Company also announced
today that it has called for redemption all its 12% Senior Notes due 2008
(the "Senior Notes"), which have an outstanding principal amount of EUR 103.7
million. Holders of the Senior Notes will receive a redemption price of 106%
of the principal amount of the Senior Notes plus accrued and unpaid interest
on the Senior Notes on the redemption date, which will be June 15, 2005.

The Company also announced that it today deposited with the
trustee for the Senior Notes cash sufficient to fund the redemption and that
it has thereby defeased the covenants contained in the indenture for the
Senior Notes until the time of their redemption on June 15, 2005.

The Company funded the defeasance and redemption of the Senior
Notes with funds drawn under the Facility. The Company also utilized the
remaining amounts under the Facility and a portion of its cash reserves to
fully repay EUR 210 million and other amounts due under the EUR 300 million
Bridge Facility with ABN AMRO N.V. that was utilized to fund in part the
Company's EUR 269.6 million acquisition of Nordic premium pay television
provider C More Group AB on March 8, 2005.

The Facility is a fully revolving facility with a term of five
years, although the Company has the right during the first twelve months to
request a one-year extension. Amounts borrowed under the Facility will bear
interest at a rate of EURIBOR plus a margin based on the Company's senior net
debt leverage ratio. The initial margin will be 0.75%. To provide security,
the Company and certain of its subsidiaries have pledged shares of certain
wholly owned group companies in Belgium, The Netherlands, Norway, Sweden and
the United Kingdom. Certain wholly owned subsidiaries in these jurisdictions
also have guaranteed the Facility.

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe. Countries where SBS
currently has broadcasting assets include: Belgium (Flanders), Denmark,
Finland, Greece, Hungary, The Netherlands, Norway, Romania and Sweden.

For further information visit: www.sbsbroadcasting.com

Source: SBS Broadcasting

Contact: Juergen von Schwerin, Chief Financial Officer, SBS Broadcasting S.A., Tel: +31-20-519-1919

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