EM.TV posts 2000 losses of $1.3bn

Muppet rights owner EM.TV has reported a net annual loss of DM2.8bn ($1.27bn) for the year 2000, on a turnover of DM1.3bn ($590m).

The Kirch rescue package has allowed EM.TV to cut its debt from DM1.5bn ($680m) down to DM234m ($106m). The 2000 write-offs include DM1.3bn ($590m) for the Formula One stake, as well as DM684m ($311m) for the Jim Henson Company acquisition.

The rescue deal also saw Kirch raise its stake in Formula One from 25% to 50%, provoking angst among the F1 car manufacturers, who think the deal gives Kirch a stranglehold on the F1 TV rights.

{The figures reflect our serious commitment to making a clean break and at the same time giving a clear signal of a fresh start,{ said Thomas Haffa, EM.TV's board chairman. {We've sorted everything out.{

Haffa added that the company was to refocus on its core children's programmes rights and merchandising business, as well as cutting operating costs by 50%.

He added that the company was trying either to sell the Jim Henson Company, in which Disney and Viacom have both shown an interest, or, as the favoured option, to find a large US partner for the business.