DECEMBER 29, 2000
EM.TV share price hits new low
THE shares of Formula 1 shareholder EM.TV hit a new low on Thursday when they bottomed out at 5.00 Euros ($4.5). The shares have been around six Euros for the last few weeks since their dramatic plunge in the first week of December. The company is facing a variety of different law suits and investigations relating to the loss of value and its plan to sell the F1 stake to Leo Kirch has yet to be confirmed as has EM.TV boss Thomas Haffa's plan to take up an option to buy an extra 255 of Bernie Ecclestone's company.
Although the uncertainty over EM.TV has not done any direct harm to F1, it is rather an embarrassment.
The car manufacturers involved in Grand Prix racing may still be bidding for Haffa's shares in the F1 company but this has gone very quiet in recent weeks although there have been rumors suggesting that Bernie Ecclestone might buy the entire EM.TV company and then sell off the media assets of the company.
No announcements are expected before the New Year.
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