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Shares in Ecclestone's company change hands 12 Mar 2000
Latest Headlines
German media company EM.TV & Merchandising AG is said to have acquired 50% of Bernie Ecclestone's Formula One Administration by buying 12.5% of the company's shares from UK based Investment bankers Morgan Grenfell Private Equity and a further 37.5 % from US-Investment company Hellman & Friedman. An option over 75% of the shares of FOH, the holding company owning FOA, is also supposed to be part of EM-TV's plans. The price of this transaction is rumoured to range between 1.5 and 1.8 billion US Dollars.
The Munich based company has built its reputation in production and commercialisation of TV programmes and has the intention to auction TV rights to any interested TV-company according to news magazine "Focus". Conflicts with the competition officers of the EU shall be avoided by inviting more partners to participate in the commercialisation of Formula1 TV-rights.
Although neither EM.TV nor Mr. Ecclestone's office have officially confirmed the deal, German business publication "Handelsblatt" reports the deal has been signed by EM.TV boss Thomas Haffa last Thursday in London. A source close to the Formula1 boss denies the deal has been concluded, as there seems to be a bidding competition going on behind the scenes between several interested investors.
Shares in Ecclestone's company change hands 12 Mar 2000
Latest Headlines
German media company EM.TV & Merchandising AG is said to have acquired 50% of Bernie Ecclestone's Formula One Administration by buying 12.5% of the company's shares from UK based Investment bankers Morgan Grenfell Private Equity and a further 37.5 % from US-Investment company Hellman & Friedman. An option over 75% of the shares of FOH, the holding company owning FOA, is also supposed to be part of EM-TV's plans. The price of this transaction is rumoured to range between 1.5 and 1.8 billion US Dollars.
The Munich based company has built its reputation in production and commercialisation of TV programmes and has the intention to auction TV rights to any interested TV-company according to news magazine "Focus". Conflicts with the competition officers of the EU shall be avoided by inviting more partners to participate in the commercialisation of Formula1 TV-rights.
Although neither EM.TV nor Mr. Ecclestone's office have officially confirmed the deal, German business publication "Handelsblatt" reports the deal has been signed by EM.TV boss Thomas Haffa last Thursday in London. A source close to the Formula1 boss denies the deal has been concluded, as there seems to be a bidding competition going on behind the scenes between several interested investors.
