RTL Exits Greek TV Market
German giant sells 70% stake in Alpha Media Group to Dimitris Contominas.
COLOGNE, Germany - European broadcast giant RTL Group is exiting the Greek TV market, selling its 70 percent stake in Greek broadcaster Alpha Media Group to Greek entrepreneur Dimitris Contominas, giving him full control of the network.
“Given the heavy and on-going economic and financial crisis in Greece, we have eventually decided to exit the Greek market," said RTL Group CEO Gerhard Zeiler.
Despite the general gloom surrounding the Greek economy, Alpha Media has increased its audience share and market position over the past three years.
Contominas expressed "regret" at RTL's decision to sell its Alpha Media shares but pledged to continue to "steer the company through turbulent times."