RTL exits Greece

Posted: Thu., Jan. 5, 2012, 11:58am PTBy ED MEZA BERLIN Pan-European giant RTL Group announced Thursday that it's exiting Greece, citing the country's ongoing economic woes. RTL is selling its 70% stake in Alpha Media Group, which it bought from Dimitris Contominas in 2008 for 125.7 million ($185 million), back to the Greek entrepreneur. The financial terms of the new deal, subject to approval by the Greek Competition Commission but expected to close in the first quarter of the year, were not disclosed. Contominas presently owns 30% of Alpha, comprising nationwide channel Alpha TV, and will again become sole owner. Alpha's management will remain in place and continue to oversee the channel. RTL, acquired a majority stake in the group in 2008, and repositioned Alpha to a younger audience. Contominas said, "Alpha has significantly improved its market position over the past three years. I regret that RTL Group is leaving the Greek market, especially given the achieved development." RTL CEO Gerhard Zeiler said, "Our local management team, led by CEO Christoph Mainusch, succeeded in increasing the channel's ratings and cutting program costs. We are happy to have found a solution that enables Alpha to continue broadcasting." Contact the Variety newsroom at news@variety.com