EM.TV Leave Door Open for Car Makers
German media giant Kirch and EM.TV & Merchandising AG , in which Kirch is taking a minority stake, said on Monday they were still open to the participation of carmakers in Formula One holding company SLEC.
German media giant Kirch and EM.TV & Merchandising AG , in which Kirch is taking a minority stake, said on Monday they were still open to the participation of carmakers in Formula One holding company SLEC.
EM.TV also clarified comments on its debt position, saying its total liabilities amounted to 2.2 billion marks ($1 billion).
EM.TV said earlier on Monday that Kirch will buy almost half its 50 percent stake in SLEC for $550 million. Formula One supremo Bernie Ecclestone owns the other half of SLEC.
Leading car manufacturers said in October they were interested in buying a stake in SLEC.
"The letter of intent sent in October by the European car makers association ACEA still stands," EM.TV chief executive Thomas Haffa told reporters. "There is no reason why a deal will not happen."
EM.TV has a "call option" to buy a further 25 percent stake in SLEC by the end of the year. Ecclestone also has a separate "put option" to sell a 25 percent stake in SLEC to EM.TV by the end of May.
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