German media mogul Leo Kirch has died, according to Reuters.Kirch got his start in 1956 when he purchased the rights to Federico Fellini’s “La Strada” for 25,000 German marks (then worth about $6,000).
He later grew his empire with Germany’s first private TV channel, Sat.1 and he was a part of Germany’s largest commercial broadcaster ProSiebenSat.1. He later owned a stake in German publisher Axel Springer.
Kirch’s empire crumbled in 2002 when a foray into pay television collapsed into bankruptcy.
Kirch was 84 years old and suffered from diabetes. He is reported to have died peacefully.
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