German Media Mogul Leo Kirch Dies Thursday

German media mogul Leo Kirch died Thursday morning at age 84, a spokesman confirmed.

Kirch built a German media empire--at one time including big channels such as ProSiebenSat1 Media AG (PSM.XE) and Premiere, as well as stakes in Formula 1 and 40% of the Axel Springer AG (SPR.XE) publication group--but lost most of it in bankruptcy nearly a decade ago.

Kirch accused Deutsche Bank AG (DB) of driving the Kirch Group into bankruptcy after former Deutsche Bank Chairman Rolf Breuer said in a 2002 television interview that it was unlikely anyone would give Kirch any more credit. Kirch alleged the bank sought to damage his company intentionally because it hoped to obtain a lucrative mandate to split up the Kirch media empire after its collapse.

Several top chief executives, including Breuer and current Chief Executive Josef Ackermann, have testified during the proceedings in Munich this year, and they all denied any intent to harm Kirch's business.

The Kirch lawsuit, for which the trial is expected to last at least through the fall, has been a high-profile thorn in Deutsche Bank's side for years.

"Years ago, Kirch took care that after his possible death, the trial will continue without hesitation," added Norbert Essing, who acted as Kirch's spokesman.

Deutsche Bank declined to comment.

-By Laura Stevens, Wall Street Journal; [phone]; [e-mail]