RTL Group, the leading European entertainment network, today announced that it will 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 Mr 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.
Gerhard Zeiler, CEO of RTL Group, says: “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.”
Dimitris Contominas says: “Alpha has significantly improved its market position over the past three years. I regret that RTL Group will leave the Greek market, especially given the achieved development. I would like to thank my business partners at RTL Group for the trusting and fair collaboration and the expertise they contributed to reposition Alpha towards a younger audience. I am pleased to continue working with Alpha’s highly professional management team to steer the company through turbulent times.”