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German kidvidder EM.TV saw losses last year of $1.29 billion, worse than analysts’ forecasts and more than double the group’s revenues of $590 million.

EM.TV said the results stem from restructuring and adjustments necessary to make a fresh start. These included a $599 million writedown for its Formula One racing stake and a $315 million writedown for its purchase of the Jim Henson Co. due to a re-evaluation of these assets.

“We have cleaned the slate,” CEO Thomas Haffa said at a news conference April 30. Haffa said EM.TV would concentrate on children’s programming and reduce its stake in Formula One racing to 17.5%, giving new partner Kirch Group a 57.5% stake in the entity. He said the company is seeking a partner for its Jim Henson unit or looking to sell it. EM.TV said that it still had $691 million in capital available and had reduced its bank debts from $691 million to $108 million.