EM.TV pays $712.5 mil and 10 mil company shares for 50% stake
BERLIN — The Formula One holding company will be making its bow on the stock exchange sometime in the next year. German programming giant EM.TV & Merchandising picked up a 50% stake in the company in March.
EM.TV said Formula One chief and founder Bernie Ecclestone will remain chairman after the IPO. EM.TV put up $712.5 million in addition to 10 million company shares for its stake in the marketing firm.
Roadway to success
Formula One racing is one of Germany’s most lucrative TV sporting events, always guaranteeing top ratings.
Another EM.TV subsidiary, film distrib and license trader Tele-Munchen Group (TMG), is also headed for the stock market, early next year.
The family entertainment giant is also considering floating its toy company Junior.toys and the Jim Henson Co. to finance the company’s expansion.
Beefing up its own sport division, EM.TV has named Thomas Borcholte to head EM-Sport Sportmarketing. Borcholte is in charge of marketing Germany’s Expo 2000 and will move into the new job in June.