The one-time richest man in the US is poised to sell the last of his east European media assets to a consortium made up of two private equity firms and an investment subsidiary of UK entrepreneurs Hugh Osmond, Alan McIntosh and Edward Spencer-Churchill.

The consortium, which includes buyout firms Compound Capital and east European specialist Salford Capital Partners, have agreed to buy the remaining assets of Metromedia International Group representing a total enterprise value of $800m (€579m) in what would be Georgia's largest buyout.