BERLIN — German media titan the Kirch Group has said it will postpone the issue of a DM2 billion ($1.4 billion) bond underwritten by Morgan Stanley Dean Witter until next year due to currently unfavorable market conditions that would force the company to pay high yields to investors.

Instead, Kirch has secured an $80 billion loan from Morgan Stanley to invest in the development of pay-TV operation Premiere World.

The Kirch bond issue, which would be one of the largest high-yield bonds ever offered by a European company, was panned by U.S. ratings agencies Moody’s Investors Service and Standard & Poor’s as highly risky junk bonds. In addition, the future growth of the pay-TV business in Germany remains debatable to many investors who could see their money vanish if Premiere World fails to take off.

Kirch execs, however, maintain that pay TV has big growth potential in Germany.

Premiere World will launch Friday with some 2 million subscribers signed up.