Word: kirchmedia
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...medieval Germany, debtors were locked up in a tower in the center of town, so their neighbors could witness their disgrace. More recently, executives declaring bankruptcy traditionally wore a black suit symbolizing the death of their firm. Following the insolvency declaration by the German broadcaster KirchMedia last week, founder Leo Kirch failed to show up for work for the first time in living memory. But thanks to a 1999 revision of the bankruptcy law there was a chance that the company could emerge from bankruptcy relatively intact, unlike many previous failures that were shuttered and sold. "It's a turning...
...Kirch empire?s main arms, KirchMedia already holds a 53.5% stake in ProSiebenSat.1, and is expected to merge with that company should a planned stockmarket float go ahead later this year. But another subgroup, KirchBeteiligungs, holds a 40% interest in Axel Springer. Why would Kirch permit a company in which it has such a sizable stake to cause it so much potential inconvenience? One theory is that the Springer family wants to reacquire shares in their company that Kirch bought in the late 1980s during a failed takeover attempt, and are exercising the "put" option as an arm-twisting tactic...