The parties’ agreement on the transaction had been announced previously on 23 September 2008. Both parties intend to close the transaction before Christmas.

RTL Group and Dimitris Contominas determined that Rick Spinner will be appointed the new Chief Executive Officer (CEO) of Alpha Media Group, effective upon closing. Mr. Spinner will also be appointed to become a member of the Board of Directors of Alpha Media Group.

Gerhard Zeiler, CEO of RTL Group, said: "Rick Spinner has been working as consultant and on-site troubleshooter for RTL Group in various countries in the past. He is hands-on and most experienced in leading TV companies in the United States as well as in Europe. He is a great choice to lead Alpha Media Group through the challenging time ahead." 

Dimitris Contominas, who will become the Chairman of the Alpha Media Group Board of Directors: "It is a great pleasure to welcome Mr. Rick Spinner to Alpha Media Group. His extensive knowledge of the broadcasting industry will be a great asset for Alpha Media Group."

Rick Spinner is a US citizen, who has been in the senior management for ABC for many years. From 1993 to 1997 he served as President, European Operations, Capital Cities-ABC-Television. From 1999 on, he worked for RTL Group in Belgium, Croatia, Germany, the Netherlands and in Russia. Beyond that, he has been advisor for TVA Brazil, worked for Triangle Publications, and founded Capacities International Broadcast Management.