Thomas Haffa, chief executive of German media group EMTV, is resigning from the company he founded in 1989.
Taking his place is Werner Klatten, a former chief executive of TV network SAT.1, who is also buying a 25.1% stake in EMTV out of Haffa’s 43% holding.
Earlier this year, EMTV was bailed out by a rescue deal – strongly supported by Haffa – from rival Kirch Gruppe, after a string of expensive purchases left it with huge debts [WAMN: 15-Feb-01]. Kirch announced yesterday it would not oppose Klatten’s appointment.
News source: Financial Times