SBS Broadcasting Announces Closing Date for Acquisition by Permira and KKR

SBS Broadcasting Announces Closing Date for Acquisition by Permira and KKR

LUXEMBOURG, October 12/PRNewswire/ -- SBS Broadcasting S.A. (NASDAQ: SBTV ; Euronext Amsterdam N.V.: SBS)
announced today that the proposed acquisition of substantially all of
the assets of SBS by PKS Media S.à.r.l, a company controlled by funds advised
by two leading private equity firms, Permira and KKR, has been scheduled by
the parties to close on October 18, 2005. PKS Media S.à.r.l, acting directly
and through its subsidiaries, will acquire the company's business, assume the
SBS name and continue the business and operations of the company.

Following the closing, SBS Broadcasting S.A. will be renamed
"TVSL, société anonyme" and enter into a liquidation process under Luxembourg
law in order to distribute the proceeds of the asset sale and certain other
amounts to SBS shareholders and holders of SBS stock options. SBS expects
that the liquidation distribution will be approximately EUR46 per share and
will occur in the first half of November. The final amount to be distributed
will depend on exchange rates and the amount of currency hedging proceeds
received by SBS at closing and the other factors described in the
Shareholders' Circular distributed to shareholder on September 1, 2005.

The record date for the liquidation distribution will be the
closing date, October 18, 2005, and each SBS shareholder of record as of the
record date will be entitled to receive payment of the liquidation
distribution. In order for all trades in SBS shares to settle on or prior to
the record date, as of the close of trading on October 13, 2005, three
business days prior to closing, trading in SBS's shares on Euronext Amsterdam
will be suspended and SBS's shares will be delisted from the Nasdaq National
Market. Trading in SBS's shares will remain suspended on Euronext Amsterdam
until the delisting of SBS's shares on that exchange, which is expected to
occur after closing.

SBS will offer each shareholder of record on the record date
an option to elect to receive the U.S. dollar equivalent in cash of the euro
amount such shareholder is entitled to receive in the liquidation
distribution. This euro amount will be converted into U.S. dollars at a
market-related rate obtained by SBS at the time of conversion (net of
expenses of the conversion of euros into U.S. dollars). SBS will announce the
date of the liquidation distribution on or shortly after closing. Holders of
options are expected to receive their option cancellation payments on the
same date as the liquidation distribution.

Forward-Looking Statements

The statements in this press release regarding the expected
closing date, record date and date of delisting, as well as the timing for
the liquidation distribution, are forward-looking. These dates could change,
and the timing for the liquidation distribution may change. If any of these
dates change, then SBS will make an announcement. For information regarding
factors that could affect the closing of the transaction, the distribution to
shareholders and payments to option holders, please see the Shareholders'
Circular, which is available on SBS's website at www.sbsbroadcasting.com.

About SBS Broadcasting S.A.

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.

Source: SBS Broadcasting

For further information visit: www.sbsbroadcasting.com, or contact: Investors: Michael Smargiassi/Jon Lesko, Brainerd Communicators, Tel: +1-212-986-6667, Press: Jeff Pryor, Pryor & Associates, Tel: +1-818-338-3555, Mobile: +1-818-730-0770

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