EM.TV Uncertain Over Kirch Deal
EM.TV & Merchandising's supervisory board has announced that it is still debating whether to accept or reject German media conglomerate KirchGroup's financial rescue offer. The deal would give Kirch a 25% voting share in EM.TV and half of the company's 50% stake in Formula One racing group SLEC. In addition, Kirch would buy out EM.TV's half of kids television rights group Junior TV for US$550 million in cash. However, recently another offer has come onto the table for EM.TV. Herbert Kloiber's Tele-Munchen Group and U.S. investment bank Hellman & Friedman have offered to pay $650 million in cash for 40% of SLEC.