Has the Sports Bubble Burst?

UWE LEIN-AP

RUPERT MURDOCH Will he still rule sports on pay-TV

Leo Kirch has always relished secrecy. His eponymous media empire — now crumbling under the weight of up to $10 billion in debt and other financial obligations — is so complicated that even seasoned observers are unsure of what is pledged to whom. His network of political and banking connections seems virtually impenetrable. He rarely gives interviews. He will not even say publicly which football team he supports. It's an interesting stance for a man who built his company in part on the loyalty of sports fans.

In an attempt to draw viewers to Premiere, his pay-TV service, Kirch...

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