JANUARY 7, 2001
Kirch pushes for the removal of EM.TV management
THE convoluted political battles over the control of EM.TV, the German media company which controls 50% of the Formula One group of companies, continues with "white knight" Leo Kirch now rumored to be pushing for the removal of the current management at EM.TV. This includes the chairman of EM.TV's supervisory board Nickolaus Becker. Becker is refusing to go, arguing that he has done nothing wrong and is simply trying to protect the company's shareholders.
German sources say that the failure of EM.TV's share price to recover is worrying Kirch and he now feels that in order to make the rescue bid successful he needs to change the top management of the company. This is expected to include Becker and EM.TV founder Thomas Haffa. Kirch is also refusing to move on the price he is willing to pay for the EM.TV stake in Formula 1 which, if it is accepted, would mean a loss of around $1bn on the deal in less than a year.
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