ZDF, Kirch settle movie deal

Pubcaster nabs H'wood titles in $46 mil pact

BERLIN — National pubcaster ZDF has paid 37 million euros ($46 million) for a film package from the insolvent Kirch Media that includes Hollywood blockbusters like “The Bourne Identity,” “Mission: Impossible” and “Men in Black.”

The purchase of 62 titles from Kirch Media’s vast film library, which insolvent administrators have been trying to sell piecemeal after they failed to find a buyer for the entire stockpile of nearly 16,000 titles, followed a new contractual agreement between ZDF and Kirch Media after the latter’s bankruptcy in 2002 left a previous agreement with the pubcaster in legal limbo.

In 2000, ZDF bought a film package of 87 films for some $88 million, but when Kirch Media went belly up two years later, the titles fell into a legal void as it was unclear whether the films reverted back to major Hollywood studios or whether they could remain at ZDF.

According to ZDF, the new deal has cleared up the legal issue and provided the pubcaster with an opportunity to pick up the titles at a better market price.

Kirch Media, which sold off its core TV unit ProSiebenSat1 to Haim Saban last year, filed for bankruptcy protection in 2002 after collapsing under billions of debt stemming from high-priced Hollywood volume deals and the hemorrhaging costs of its pay TV service, which was also divested following the company’s insolvency.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety