DECEMBER 1, 2001
EM.TV looking (a bit) better
THE troubled EM.TV company is beginning to recover, having got rid of most of its shares in Formula One. The company posted a third-quarter profit of $5.9m. The company is consolidating and returning to its original business of trading TV rights and merchandising cartoon characters. The company is negotiating a deal with Kirch to rid itself of its final 16.7% share of SLEC, the Formula One holding company.
At the same time Kirch's ProSiebenSat1 has issued a third profit warning in four months following a steep decline in advertising spending in October and November. The company said revenues are to decline by as much as eight percent in 2001.