Kirch Finalizes Formula One Purchase

02 April 2001

Troubled German media company EM.TV & Merchandising confirmed late Friday the sale of its 49% stake in Bernie Ecclestone’s Formula One motor racing to Kirch Gruppe.

EM.TV said it will use the proceeds of the sale – DM1.3 billion – to redeem the bank debts it incurred when buying the F1 stake.

News source: Handelsblatt (Germany)