Word: kirche
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...renowned eye for value, negotiating skills and colorful Yiddish shtick. "Bubeleh, let's make a deal; I feel it in my kishke," he'll say, referring to his gut. The assets were being auctioned off by the bankrupt German firm KirchMedia, which failed after owner Leo Kirch overexpanded into pay TV and sports programming. Saban was a dark horse, competing against global media giants like Rupert Murdoch's News Corp. But by early this year, Saban had talked his way into Germany's insular media community and, with a $2 billion offer, snagged the prize. "Haim never takes...
After evaluating Kirch's assets for more than a year, Saban, 58, hopped to Germany in January when Kirch's creditors appeared to be near a deal with a German bidder. With a team of advisers, Saban set out to convince creditors, regulators and politicians that he was the best buyer. He knew that another rich American, media mogul John Malone, had tried in 2001 to buy a group of TV networks from Deutsche Telekom, Germany's major cable operator, but had been blocked by regulators in part because he was perceived as arrogant and unbending. Saban played the charmer...
...Orange-sponsored Arrows is likely to follow suit, Formula One has to bite the bullet, now. Archive: Schumy the Great THE BOURSE Insolvency, She Wrote Deutsche Bank paid €667 million for a 40.3% share in Axel Springer, Europe's top publisher, once owned by fallen media baron Leo Kirch. The bank then sold 10.4% of the stake to Friede Springer, giving her control. Turning Each Other On The U.K.'s two largest commercial broadcasters, Carlton and Granada, agreed on merger plans to create a new company worth over $4 billion. The deal will face strict regulatory scrutiny. There...
...company. Later, he arranged to sell the stake back to AOL for a $7 billion profit. The deal helped land Middelhoff the CEO job in 1998. He profitably sold off a stake in the German pay-TV service Premiere World long before the company, owned by media tycoon Leo Kirch, went bust. Middelhoff also persuaded Bertlesmann to buy the giant U.S. publisher Random House for $1.2 billion. His contract, reportedly paying him j8 million a year, was extended for five years only last month. (His payout is expected to be suitably generous...
...driven up a decade ago by newcomers KirchPayTV and BSkyB, which wanted to kick start their fledgling services. Soccer--which is quite literally "the only game in town," as Carmel Group analyst Jim Stroud puts it--has seen the cost of its coveted broadcast rights soar in recent years. Kirch alone paid $350 million a year to distribute the German national championship league, a cost that contributed to the German company's eventual downfall. Even BSkyB hasn't turned a profit on its most recent investment in soccer...