EM.TV Reports Loss
Created 04/02/2003 - 00:00
German children's TV firm EM.TV & Merchandising again reported a major year-end net loss of $335M on March 31, 2003. EM.TV's revenues reached $272M, down 5% from 2001's adjusted sales. EM.TV cites the major write-off connected to its stake in the Formula One racing circuit and it is still reeling from the aftereffects of the bankruptcy of the KirchGroup. EM.TV CEO Werner Klatten said he expects to improve his company's position significantly soon by the sale of the Jim Henson Co. and acquisition of former Kirch broadcaster DSF, both anticipated to be completed by the end of this month. Klatten said restructuring of EM.TV should be completed in 2003 while the operating board continues to focus on new genres and target groups, especially sports.