Word: kirche
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Dates: during 2000-2009
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...Germany, the world's second largest TV market after the U.S., Leo Kirch's premium TV service, Premiere World, boasts an impressive lineup of soccer matches, Formula One races and Hollywood movies, yet it has managed to lure only 2.4 million paying subscribers. After losing $1.4 million a day, it ended up dragging its parent company into bankruptcy, and buzzards from four continents have converged--among them Bertelsmann, Liberty Media, News Corp. and Sony--to pick at the carcass. In Italy, where stealing satellite service is pursued with the same ingenuity and gusto as is tax avoidance, two competing...
...Kirch bankruptcy is the latest in a string of high-profile failures of German companies this year. They include the construction firm Philipp Holzmann, aircraft producer Fairchild Dornier and office supply firm Herlitz. The bankruptcies reflect not only a stagnating economy, but also the reluctance of German banks - facing international pressure to make money for shareholders - to prop up failing enterprises. The government's inability to save the companies is also...
...Kirch's failure immediately turned into a political issue between Chancellor Gerhard Schröder and his opponent in September's national elections, Bavarian Premier Edmund Stoiber. Schröder, who heads the Social Democratic party, said the Kirch bankruptcy demonstrated Stoiber's failed leadership because the Bayerische Landesbank, which is 50% owned by the Bavarian government, is Kirch's biggest creditor with $1.7 billion in outstanding loans. "That is not an indication of economic competence but the opposite," Schr Schröder said. Stoiber, who is the candidate of his Christian Social Union and the mainstream Christian Democrats, said...
While KirchMedia represents one of the three branches of the business, there was speculation that TaurusHolding, the main holding company owned by Kirch, as well as the pay television operation KirchPayTV might also be forced into bankruptcy shortly. Another division, KirchBeteiligungs, holds the rights to Formula One auto racing as well as a 40% stake in the Springer publishing firm, which could both be sold off to reduce debt. While there has been a public clamor to find a "German solution" to the Kirch bankruptcy, Schr?der has said he would have no objections if Murdoch took over parts...
...immediate concern of many ordinary Germans was what effect the Kirch bankruptcy would have on Germany's soccer league. This season's remaining payment of $87 million appeared safe, but Kirch holds broadcast rights until 2004, for which it must pay a further $783 million. Hartmann, the creditors' spokesman, said a "significant contribution" from sports teams was necessary to rescue the company, meaning they could expect substantially reduced payments in the future. Small soccer clubs immediately stopped contract negotiations with players for next season since a reduction in salaries now seems unavoidable. Until Kirch emerges from insolvency in the next...