RTL sells Greek branch

(CS) RTL media group has announced that it will sell the 70% share it owns in the Alpha Media Group after the company's Greek branch made heavy losses.

While the selling price has not been announced so far, it is known that the company will be acquired by businessman Dimitris Contominas who already owns the other 30% of Alpha Media.

RTL Group had bought its shares in the Greek media company in 2008 for 125 million euros. Since then it is estimated that the television advertising market has shrunk by around 50%.

While Alpha Media managed to raise its audience numbers from 12.5% to 14.6% since RTL's involvement, the company nonetheless made an operative loss of some 71 million euros since 2009.

RTL CEO Gerhard Zeiler said the company was happy to have found a solution by which Alpha Media Group will remain in business. The company employs a workforce of 485.

The deal is awaiting approval from the Greek competition authorities.