RTL Group to exit Greek broadcasting market

MUMBAI: RTL Group is exiting the Greek broadcasting market due to the financial woes prevailing in that country. The leading European entertainment network has decided to sell its 70 per cent majority shareholding in Alpha Media Group to the Greek entrepreneur, Dimitris Contominas.

The transaction is subject to approval by the Greek Competition Commission and is expected to close in the first quarter of 2012.

As Contominas currently owns a minority stake of 30 per cent in Alpha Media Group, he will become again the sole owner of the company, while the current management will continue to be involved in the operating management of the channel.

RTL Group CEO Gerhard Zeiler 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."

Contominas added: ?Alpha has significantly improved its market.