You will be redirected back to your article in seconds

EM.TV brass sets goals

Topper Klatten could sel off Formula One, Jim Henson Co.

BERLIN — New EM.TV topper Werner Klatten pledged at his first shareholders meeting Wednesday to bring the beleaguered kidvidder into profit by 2003 by drastically streamlining operations.

Finance chief Rolf Rickmeyer added that its core businesses like TV tyke content (not including writeoffs from various for-sale holdings) might even be out of the red this year. EM.TV suffered losses of around $1.2 billion last year.

Describing the company as badly structured and unmanageable, Klatten said he was looking at selling off its stake in Formula One motor racing, the 45% holding in the Tele-Munchen Group and Muppets shop the Jim Henson Co.

EM.TV holds a 37% stake in Formula One marketing company SLEC but that will be cut to 17% if media giant the Kirch Group, which holds another 37% in SLEC, cashes in a $1 billion convertible loan it put up for an increased share in the outfit, which is likely to happen.

Formula One automakers, who have been threatening to start their own racing event since Kirch came into the picture, have opened their arms to the new topper.

Klatten emphasized at Wednesday’s meeting in Munich that he would like to see the company more independent from Kirch, which bailed it out earlier this year.

He also stated that his own 25% stake in EM.TV, which he bought from founder and outgoing boss Thomas Haffa last week, was not financed by the media giant. Last week, Klatten dismissed rumors that German automaker BMW had bankrolled his estimated $85 million purchase when it was made public that his sister-in-law is a member of the Quandt family, which owns 47% of the car company.

Haffa was lambasted by angry shareholders after the news of his ankling. A rep of DSW, a German stock-owners watchdog group, called Haffa’s resignation dubious, adding that it was an escape from responsibility.

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content