 Kirch Group Buys into EM.TV Monday December 4th, 2000 Germany's EM.TV & Merchandising said on Monday that privately owned media giant Kirch Group had agreed to acquire a minority stake in the group and take over 49 percent of the company's shares in Formula One holding company SLEC. Kirch is to pay $550 million for the Formula One stake. It will hold 16.74 percent of the equity and 25 percent of the voting rights in EM.TV. Founder and Chief Executive Thomas Haffa will remain the largest shareholder in the group. The deal, which frees EM.TV of its debt burden, comes after the troubled media company slashed full year profit forecasts.
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