The Leo Effect

Roxborough, Scott
July 2004
Hollywood Reporter -- International Edition;7/27/2004, Vol. 384 Issue 46, p18
Leo Kirch was not among those in attendance at last month's shareholder meeting for insolvent film group Senator Entertainment AG, but the retired Bavarian mogul, whose once-all-powerful rights company KirchMedia AG went belly up two years ago, was an unseen presence. The company was built on a mountain of debt, with easy credit from compliant banks allowing KirchMedia to overpay for film and sports rights systematically. German industry still appears to be suffering from the Kirch malaise. Last week, media executive Michael Koelmel was found guilty on multiple counts of embezzlement in connection with the collapse of his rights group, Kinowelt Medien. INSETS: Kirch Clash;Spreading the Wealth.


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