Almost one-third of work force to be axed in restructure
BERLIN — Bankrupt German TV and rights giant Kirch Media will ax 150 jobs, almost one-third of its work force, in the next 18 months as it continues to restructure.
The collapse of the Kirch empire, which included Kirch Pay TV, shareholding unit Kirch Beteiligung and umbrella company Taurus Holding, has had a deep impact on the city of Munich, where it is based, as well as on fellow media companies. Some 1,000 employees have been cut from Kirch Pay TV’s multichannel web Premiere.
Although currently on the block, Kirch Media is not expected to be sold before mid-September. Three consortia are bidding for the company, including Columbia TriStar and Germany’s Commerzbank; producer Haim Saban and French TV group TF1; and former Kirch Media shareholders Lehman Brothers, Saudi Prince Al-Waleed bin Talal and German retail giant Rewe.