Tele Munchen Group (TMG) has made an offer to buy out CEO and co-founder Thomas Haffa's 43% share of EM.TV. The offer is reported at DM250 million (US$109 million). However, media giant Kirch Group reportedly has a first-look option for Haffa's stake after it bailed out the troubled company by purchasing a 25% stake this past spring. Former EM.TV exec Nickolaus Becker, who pushed a TMG bail out over Kirch, is shepherding TMG's proposal for Haffa's share. Currently, EM.TV holds a 45% stake in TMG, but it has to sell it in order to get regulatory approval for its alliance with Kirch. However, Kirch is thinking about merging EM.TV with film producer and distributor Constantin, which is evenly owned by Kirch and EM.TV. In other news, EM.TV will sell is 65% stake in Junior.toys, which holds licenses for the Muppets, Bugs Bunny and the Flintstones.