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Article: Kirch pay unit sale process begins. (Finance & Business).
- Article from:
- Screen Digest
- Article date:
- September 1, 2002
CopyrightCOPYRIGHT 2002 Screen Digest Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sale documents have been distributed to potential buyers of Kirch Group's pay TV platform Premiere World. Unit is organised under KirchPayTV division, separate from KirchMedia, which is itself currently subject to due diligence by potential buyers. According to local press reports, investment group Hicks, Muse, Tate & First, News Corporation and several Hollywood majors are among interested parties. But News Corporation has already been stung by KirchPayTV investments through its 40 per cent stake in UK's BSkyB. BSkyB wrote off its 1.3bn [pounds sterling] investment in the division earlier this year (see 2002/40a1).
Premiere has liabilities of 1bn ...