OCTOBER 13, 2001
Kirch to get the last EM.TV F1 shares
THE Kirch Group is set to increase its share of the Formula One group of companies by swapping its shares in a childrens' TV channel for EM.TV's shares in F1.
EM.TV currently owns 16.7% of Speed Investments, which owns 75% of the Formula One holding company SLEC. A deal is under discussion for these shares to be swapped with Kirch in exchange for 50% of Junior TV, a joint venture between the two companies. The deal would also include a shareholding in a film company called Constantin Film.
If the deals goes through Kirch will increase its shareholding in F1 to 75% with the Ecclestone Family retaining the other 25%. Kirch is then planning to put the F1 business into the listed company which will be formed by a merger between Kirch Media and its subsidiary ProSiebenSat1. If this happens F1 will be owned by one of Europe's largest quoted media companies. The running of the sport remains in the hands of Bernie Ecclestone.
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