BERLIN — German licensing group EM.TV has finalized its E13.5 million ($16.4 million) acquisition of Kirch Media’s half of their jointly held Junior TV program library, ending EM.TV’s complicated relationship with the bankrupt Kirch.
EM.TV’s management also announced that it’s seeking $158 million in financial damages “out of and, if necessary, in court” from EM.TV founder Thomas Haffa and his brother, ex-finance chief Florian Haffa, as well as former executive and supervisory board members.
EM.TV accuses them of improprieties with regard to the 2000 acquisition of a stake in Formula One racing. Stake was seized by creditors last year after EM.TV used it as collateral against a loan to Kirch in 2001. Kirch went belly up the following year.
EM.TV bought Kirch programming and was a principal supplier to Kirch’s former broadcasting group ProSiebenSat 1, now owned by Haim Saban.
The Junior TV acquisition was announced in March but was completed after approval from German antitrust authorities and media watchdogs.