Germany’s KirchPayTV Files for Insolvency

09 May 2002

The primary source of all Kirch Gruppe’s woes, ultra-lossmaking KirchPayTV, was precipitated into insolvency on Wednesday, tipped over the edge by its failure to raise more cash or renegotiate high ticket film and sports contracts.

Rupert Murdoch, ever the pragmatist, has already decided to write-off the 22% stake in KirchPayTV held by News Corporation via its UK satellite TV unit BSkyB. The latter had invested £985 million ($1434.8m; €1584.5m) in the German broadcaster.

Data sourced from: The Times (London); additional content by WARC staff