RTL takes majority stake in Greece's Alpha
RTL pays $186 mil for 66.6% stake of broadcasterBERLIN -- RTL Group has purchased a controlling share in Alpha Media Group, Greece's third-largest broadcaster, paying current owner Dimitris 125.7 million euros ($184.9 million) for a 66.6% stake.
RTL will name a new CEO and COO for Alpha, while Contominas will stay on as chairman of the board of directors.
The deal, announced Monday, gives RTL a foothold in the 500 million euro ($735.2 million) Greek TV market. Unlike most sluggish Western territories, TV ad sales in Greece are forecast to grow 6%-7% this year.
Greek media watchdogs still have to approve the RTL-Alpha deal, which is expected to close by October or November.