Bidding is underway for the broadcasting rights to the next World Cup after KirchMedia disclosed that its sports division is to be sold separately from the rest of the company’s assets.
Already in possession of the broadcasting rights for Europe, KirchMedia exercised an option to purchase the worldwide TV rights for the 2002 and 2006 World Cups in May last year. However, it is widely regarded to have overpaid and mounting debts forced the company to file for bankrupcy this April (see
KirchMedia Files For Bankruptcy Signalling The Demise Of The Kirch Empire).
The next World Cup is to be held in Germany and KirchSport also owns the television rights to the country’s domestic league. Dieter Hahn, the former chief executive of KirchMedia, has tabled a bid of £215 million and Robert Louis-Dreyfus, the former chairman of Adidas, has also expressed an interest in the package.
Kirch initially intended to sell all its assets, including a 52.5% stake in the German broadcaster ProSiebenSat.1 and an extensive film library, to a single buyer. Three consortia are still competing to take control of these interests (see News Corp Out Of The Running For Kirch, Says Report) and a partnership of German publishers Springer and Bauer Verlag, backed by the HypoVereins Bank, has now entered the bidding.
