APRIL 30, 2001
Kirch and EM.TV to trade shares
THE balance of the 75 percent stake in Formula One holdings company SLEC currently held by German media giants EM.TV and Kirch will change in September.
Recently Kirch helped EM.TV out with the supply of around $1 billion to fund the purchase of a 25 percent share of SLEC to add to the 50 percent EM.TV already held.
But EM.TV's chief financial officer Rolf Rickmeyer revealed that the financing deal will allow Kirch to claim a greater stake than the current 37.5-37.5 percent sharing.
EM.TV will as a result reduce their share to 17.5 percent and the Kirch-owned share of the SLEC group, which controls the commercial and broadcasting rights to Formula One, will rise to 57.5 percent.
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