Ahead of the sale of the insolvent KirchMedia to German publishing empire Heinrich Bauer Verlag by mid-December, managing director Fred Kogel announced at the weekend that he will leave the company at the end of the year.

Speaking to the news agency AP, Kogel explained that 'after I have completed the most important negotiations with all of the license partners by Christmas, I will dedicate myself to new activities in the coming year.'

He indicated that he would serve in a advisory function to the management 'if this is desired' , but would only unveil further details about his own plans after Christmas.

According to the German weekly magazine Der Spiegel, Kogel may attempt to buy out the remaining shares in KirchMedia Entertainment which he was instrumental in founding and where he has a 26% interest.