EM.TV
From Wikipedia, the free encyclopedia
EM.TV AG (formerly EM.TV & Merchandising AG) is a Munich-based media group; EM.TV stands for "Entertainment, Merchandising, TV."
[edit] History
EM.TV was founded by Thomas Haffa. The company went public in 1997 and started to expand in various businesses. In 1998, EM.TV acquired Junior.TV, a company that held licenses to most of the animated TV shows in the library of the KirchGruppe, the Media Group of Leo Kirch, where Thomas Haffa started his career. In 1999, EM.TV acquired TMG (Tele München Gruppe). In 2000, when EM.TV's market capitalization was about €10 billion, the company acquired the Jim Henson Company and 50% of SLEC Ltd., the holding company of the famous Formula One racing series. Because of an option to purchase another 25% of SLEC Ltd. from Bernie Ecclestone for 1 Billon EUR, EM.TV had problems funding the transaction via the capital markets.
Between late 2000, when the company reported incorrect quarterly results, and 2002, EM.TV's stock fell from its price of €120 EUR to penny stock status.
In September, 2001, Werner Klatten, the former CEO of Sat.1, became the new CEO of EM.TV. He restructured the company; sold SLEC, Jim Henson Company, and TMG; and he directed the purchase of DSF, a German sports TV station. During the restructuring, the bondholders of a 1999-issued €400 million bond got nearly 60% in company stock in exchange for their bonds.
