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

  • Kevin Durant LeBron James

    Kevin Durant Praises LeBron James' Lakers Move

    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 […]

  • Kevin Durant Rich Kleiman

    Kevin Durant Shares His Media Biz Playbook at Variety Sports & Entertainment Breakfast

    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 […]

  • David-Zaslav-Discovery Sun Valley Conference

    A Look at Key Trends Facing Media and Tech Companies Ahead of Q2 Earnings

    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 […]

  • Spotify logo is presented on a

    Spotify Launches Feature to Help Artists, Labels Submit Music to Playlists

    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 […]

  • Comcast

    Comcast Drops Out of Bidding War With Disney for 21st Century Fox Assets to Focus on Sky

    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