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Kirch to up EM.TV stake
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January 29, 2001: 7:16 a.m. ET
Report: German media company to improve Muppets rescue to ward off predators
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LONDON (CNNfn) - Kirch Gruppe plans to improve its rescue attempt for Muppets owner EM.TV to ward off rival offers, a report said Monday.
Walt Disney (DIS: Research, Estimates) is keeping the situation at debt-ridden EM.TV under review as the U.S. entertainment company harbours a long-term interest in the Muppets creator, the Financial Times said.
Disney executives are interested in buying the Jim Henson Company if a deal between German media conglomerate Kirch and EM.TV collapses, the paper said.
Kirch will this week offer to exercise an option held by EM.TV to buy 25 percent of SLEC, the foundation that manages the rights to Formula One motor racing events, owned by Bernie Ecclestone, the paper added.
EM.TV, which distributes and produces cartoons from 'Bugs Bunny' to 'The Simpsons', acquired a 50 percent stake in SLEC last February and has an
option to buy another 25 percent for about $1 billion until the end of February. If it is not exercised, Ecclestone could force EM.TV to buy the stake, but the heavily indebted group would likely be unable the raise the $1 billion.
Last month Kirch's planned to take a stake of up to 16.74 percent in EM.TV and buy almost half of EM.TV's SLEC stake. 
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