Murdoch’s BSkyB to Force Kirch Repayment
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Rupert Murdoch’s BSkyB satellite broadcaster said it will force Germany’s collapsing Kirch media conglomerate to repay $1.5 billion, money the Munich-based company probably doesn’t have.
BSkyB said in a statement it was exercising an option granted when it bought a 22% stake in KirchPayTV, the failed pay television wing of Kirch Group, Germany’s largest private broadcaster.
The move was an additional blow to Kirch Group, after its KirchMedia television and film rights division and its KirchPayTV filed for bankruptcy protection.
Murdoch and BSkyB have said several times they want to get their money out of Kirch, which is saddled with a mountain of debt reaching some $5.7billion.
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