Kirch, EM.TV in talks with Formula One
BERLIN — After finally increasing their 50% stake in Formula One marketing outfit SLEC to 75%, German media groups Kirch and EM.TV & Merchandising look like they may be forced to hand a 35% chunk to carmakers who have been eager to come aboard the company. Kirch and EM.TV are reportedly in talks with Formula One carmakers in an effort to end a deadlock over the future of SLEC’s ownership and Formula One racing.
The world governing body of motor sport (FIA) voted Thursday to grant SLEC broadcast and other commercial rights for more than a century.
With broadcasting rights now secured, SLEC’s shareholders look ready to sit down at the negotiating table. Kirch and EM.TV will likely give up 35% of their stake to the carmakers, with racing mogul Bernie Ecclestone retaining his 25% share.
(Reuters contributed to this report.)