Banks nix loans to Kirch

Probe of finances hampers fundraising for mogul

BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday.

Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch credit until the results of an ongoing probe of Kirch’s finances have been announced.

Munich public prosecutors suspect Kirch of evading German taxes through a series of transactions with Swiss companies.

Kirch and CLT-Ufa are currently struggling to gain approval of their German digital pay TV merger from European competition officials.

Kirch’s DF1 digital pay-TV platform has cost the media tycoon DM1 billion ($556 million) in startup costs. If the merger collapses, industry observers expect Kirch could find himself in a precarious financial situation.

More Biz

  • netflix-the-little-prince

    Mediawan Closes In on Acquisition of Dimitri Rassam's ON Kids & Family

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Mark Hamill and Ted Cruz Get

    Mark Hamill and Ted Cruz Get in Net Neutrality-Related Twitter Fight

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Sumner Redstone

    Sumner Redstone's Ex-Girlfriend Fights With Nurse For Access to Secret Tapes

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Disney-Fox Deal Sets Up Scramble for

    Disney-Fox Deal Unleashes Flood of Free-Agent Executives, Talent

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Paul Haggis Lawsuit

    Paul Haggis Hit With Lawsuit for Alleged Rape, Claims a $9 Million Shakedown

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Sirius Logo

    SiriusXM Hit With Big Rate Hike by Copyright Royalty Board

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

  • Warner Music Group Logo

    Warner Music Taking Disciplinary Action Against Exec VP Jeff Fenster for Sexual Harassment

    BERLIN — Bavarian media magnate Leo Kirch has requested major loans from several banks but has been turned down, a German newspaper reported Wednesday. Kirch is attempting to raise coin to support his ambitious TV projects, according to Munich daily Sueddeutsche Zeitung. But so far, the paper claims, the banks are refusing to grant Kirch […]

More From Our Brands

Access exclusive content