Kirch Gruppe, the German media group, has reportedly concluded its company/cash for stock deal with EM.TV that will give it a 75% holding in SLEC, the F1 commercial holding.
Kirch, which finalised a deal recently that saw it increase its stake to 58.3%, has agreed to relinquish control of Junior TV, a children’s television network, to EM.TV in exchange for the remaining 16.7% of SLEC that EM.TV previously held.
It will also yield control of 21.1% of Constantin Films, and pay DM100 million in cash ($US46 million)
This reported deal clarifies the ownership structure of SLEC after 11 months of uncertainty between Kirch and EM.TV. Kirch now has 75% of SLEC and is the majority shareholder, leaving F1 Boss Bernie Ecclestone with 25%.