EM.TV Sells Remaining F1 Stake
EM.TV & Merchandising AG today announced it has agreed to sell its remaining stake in Formula One racing to Bayerische Landesbank bank for 8.5 million euros ($9 million).
EM.TV & Merchandising AG today announced it has agreed to sell its remaining stake in Formula One racing to Bayerische Landesbank bank for 8.5 million euros ($9 million).
EM.TV owned a majority stake in the Formula One racing car business which it consolidated into its own books. In the course of 2001, German media firm Kirch took over most of the Formula One business in a series of deals which saved EM.TV from collapsing under its debt, but contributed to Kirch's own insolvency in 2002.
EM.TV said the agreement with Bayerische Landesbank is subject to the approval of the European cartel authority as well as the consent of the board and shareholders of Speed Investments Ltd.
Speed's 22.3 per cent stake is equivalent to a 16.7 percent indirect stake in SLEC, the company that holds Formula One's commercial rights.
Legal proceedings had been started by EM.TV in order to prevent Bayerische Landesbank from acquiring its stake as collateral for a Kirch loan. The company, however, said that it will end those proceedings as part of the deal with the German bank.
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