Kirch Group
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KirchGruppe (KirchGroup) was a German media group founded by Leo Kirch in the 1950s. It was the dominant buyer and seller of TV programming rights in Germany.[1] By 2000, it controlled a 52.5 percent stake in what became the country's biggest broadcaster, ProSiebenSat.1 Media.[2]
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Quick Facts Native name, Industry ...
Native name | KirchGruppe |
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Industry | Media |
Founded | 1955; 69 years ago (1955) in Bavaria, Germany |
Founder | Leo Kirch |
Defunct | 2002 (2002) |
Fate | Bankruptcy, assets sold; ProSiebenSat.1 Media's majority stake acquired by Mediaset |
Successor | MFE - MediaForEurope (via ProSiebenSat.1 Media) |
Headquarters | Bavaria, Germany |
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The group collapsed in 2002 largely due to the debts associated with the purchase of sports rights for its television channels and the launch of pay-TV services. It was Germany's biggest corporate collapse since World War II.[3]
KirchMedia declared bankruptcy on 8 April 2002, followed by KirchPayTV on 8 May 2002 and finally KirchBeteiligung on 12 June 2002 along with the holding company for the group, Taurus Holding.