Cologne – 13 May – LAWFUEL – The Law News Network – A DLA Piper Rudnick Gray Cary (“DLA Piper”) corporate team consisting of partners Dr. Ulrich Jüngst, Abdul Aziz Al-Yaqout and Technology, Media & Communications (“TMC”) associate Dr. Kai Tumbrägel advised KirchMedia GmbH & Co. KGaA in the sale of the national part of its film rights division.
The national film library which consists of the broadcasting rights for the areas Germany, Switzerland and Austria were transferred into a joint venture company jointly held by KirchMedia and Beta Film GmbH. Beta Film GmbH, which had purchased the international film library of KirchMedia last year, is controlled by the film producer Jan Mojto.
The German speaking film library consists of around 12000 titles including 8000 feature productions. Of these, around 5000 are US productions and include classics such as “The Great Gatsby”, “Cabaret” and “Citizen Kane”. A further 2000 German/Austrian classics are part of the portfolio and include “Ludwig II”, “Das Mädchen Rosemare” and “Die Halbstarken”. The film trading division was one of largest providers of fiction programming in Europe and the market leader in the German speaking territories until the application for the opening of insolvency proceedings over its assets.
The sale of the so called “Rest Library” with the German speaking film rights was one of the last larger disposals by the insolvent KirchMedia. The team headed by Dr. Ulrich Jüngst and Abdul Aziz Al-Yaqout advised the insolvent KirchMedia Group in the past in a number of its most substantial disposals.
DLA Piper was involved in the sale of the KirchSport Group, the majority stake in ProSiebenSat1 Media AG, the sale of the International Film library of KirchMedia, the settlement between Axel-Spring-Verlag, Universal Studios, KirchMedia and its subsidiary Taurus TV last summer as well as in the sale of a number of small and midsized companies of the insolvent Kirch-Group. The joint venture between KirchMedia and Beta Film has been approved by the creditors committee of KirchMedia. The parties have agreed to keep the further details of the transaction as well as the purchase price confidential.
