Pan European broadcast group RTL is exiting Greece after agreeing to sell its stake in Greek broadcaster Alpha Media Group. RTL is selling its 70% stake in the company to Greek entrepreneur Dimitris Contominas, who currently owns the remaining 30% share.
The transaction is subject to approval by the Greek Competition Commission and is expected to close in the first quarter of the year. Alpha Media Group operates Greek commercial network Alpha TV and in-house production arm Plus Productions.
Gerhard Zeiler, CEO of RTL Group, said: “Given the heavy and on-going economic and financial crisis in Greece, we have eventually decided to exit the Greek market. While we cannot influence the overall market development, our local management team led by CEO Christoph Mainusch, together with Alpha’s employees, succeeded in increasing the channel’s ratings and cutting programme costs at the same time – both to a substantial extent. We are happy to have found a solution that enables Alpha to continue broadcasting. We wish Alpha, its employees and our business partner Dimitris Contominas truly all the best for the future – and thank them for their outstanding contributions and their commitment in very difficult times.”