Kirch under more pressure

FEBRUARY 12, 2001

Kirch under more pressure

LEO KIRCH, the man who is trying to get control of the promotional rights to Formula 1, has other things to worry about in addition to the battle over shares in SLEC, the holding company of the Formula One group of companies. Kirch's subsidiary ProSieben SAT 1 suffered a 10% crash in share value on Monday morning following reports that the TV station's advertising revenue had fallen dramatically in January. The reduction in advertising revenue is reportedly due to the falling German stock markets ProSieben is 60% owned by Kirch Media one of Leo Kirch's three holding companies.

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