Kirch Might Not Bail Out EM.TV
Created 01/08/2001 - 00:00
files/pictures/picture-35.jpgOn Friday, rumors surrounding a breakdown in talks between EM.TV & Merchandising AG and possible buyer KirchGroup drove EM.TV's stock to an all-time low. EM.TV's stock closed Friday at 5 euros (US$4.97). Apparently, the talks have broken down over price and a conflict between Nickolaus Becker, chairman of EM.TV's supervisory board, and Dieter Hahn, deputy chief executive at Kirch. As part of the proposed deal, Kirch would purchase a 16.74% stake in the troubled EM.TV. A Kirch spokesman said, "We are still checking EM.TV's books, doing the due diligence, seeing if everything is in order. If there are difficulties, we can still pull out, but at this point there is no reason to expect the agreement won't go ahead as planned."