Kirch Group to hold 75% share in SLEC
LONDON — German kidvidder EM.TV is poised to become the majority shareholder in Teutonic distrib Constantin Film.
EM.TV and Constantin were unavailable to comment on reports that EM.TV would swap its 16.7% share in SLEC, the holding company for Formula One racing, for the Kirch Group’s 21% stake in Constantin Film as well as Kirch’s 50% share in the Junior TV library. EM.TV already holds a 16.3% share in Constantin Film. Kirch would then hold a 75% stake in SLEC.
Constanin said Friday the company has reduced its cash flow expectations to between 2 million euros ($1.82 million) and $4.55 million from an expected $8.19 million.
Company is also reducing the number of releases this year to 16 from 25 as a result of both delayed U.S. start dates and as a response to the current saturation of the market. Constantin warned of a $32 million writeoff when it switches accounting systems later this year.