Kirch Secures Hollywood Links

Kirch, which so far this year has committed an estimated $5 billion to buying television rights to US films, will pay about $65 million its New Regency stake.

The deal will also forge links between Munich-based Kerry Packer, the Australian media investor who owns 27 per cent of the US company, and Samsung, the South Korean group which has a 7.5 per cent stake.

New Regency is still majority-owned by producer Arnon Milchan. Backed by Packer, it was among the finalists in the recent battle, won by veteran investor Kirk Kerkorian, for control of Metro-Goldwyn-Mayer.

Its immediate plans, include increased investment in television programme production and an acquisition, to be unveiled soon, which will add popular music to its product range.