On July 30 Fininvest, together with US investment fund Lehman Brothers Merchant Bank Partners and Saudi financier Prince Al Waleed, finalised a deal which will give each of them a 3.1 per cent stake in German TV and film company Kirch Media. All three shareholders paid L375 million (Pounds 129 million) each for their stake in the company responsible for broadcasting, content rights and TV advertising, which is 90.7 per cent owned by the Kirch Group. Fininvest nominated CEO Claudio Sposito as member of the supervisory board of KirchMedia. On August 3, the European Commission gave the green light to Kirch Group and Mediaset to set up pan-European network and production studio Eureka. The EC’s competition authority had been investigating whether the project would establish a dominant position in the EU TV market.