TMG eyes buy of Haffa's EM.TV stake
Reported $109 mil offer for 43% stake in firm
Teutonic TV player Tele Munchen Group is reportedly offering to buy his DM 250 million ($109 million) 43% stake in the firm he created.
But media giant Kirch, which bailed out EM.TV in spring when it took a 25% interest in the company, reportedly has a first-right option for Haffa's stake.
Kirch is considering merging EM.TV into film producer/distrib Constantin, 50% of which is jointly owned by Kirch and EM.TV.
EM.TV holds a 45% stake in TMG, which it has to sell in order to get regulatory approval for its alliance with Kirch.
In another twist, former EM.TV exec Nickolaus Becker, who quit after a TMG rescue plan for the kidvidder was passed up in favor of Kirch's investment, is said to be repping TMG topper Herbert Kloiber in his bid for Haffa's shares.
In related news, EM.TV is to sell its 65% in Junior.toys in a management buyout. EM.TV acquired the toy manufacturer, formerly known as Igel, in 1998.
EM.TV says move is part of restructuring. Junior.toys will continue to carry merchandising related to Junior-brand toons as well as the Muppets, which are owned by EM.TV.
EM.TV and Kirch launched the 50-50 joint Junior.TV venture in 1998. Label carries classic toon series like Bugs Bunny and the Flintstones.
