FRANKFURT Jan 5 Europe's biggest
commercial broadcaster RTL Group is giving up on the
Greek broadcasting market as the country's debt-induced economic
crisis crushes advertising revenue.
RTL said in a statement it would sell its 70 percent stake
in Alpha Media Group to minority stakeholder and Greek
entrepreneur Dimitris Contominas, making him once again sole
owner of the group. RTL declined to disclose financial terms.
"Given the heavy and ongoing economic and financial crisis
in Greece, we have eventually decided to exit the Greek market,"
RTL Group Chief Executive Gerhard Zeiler said in the statement
The Greek advertising market has fallen by more than 50
percent over the last three years, the company said.
RTL, majority owned by media group Bertelsmann,
said it would remain active in Greece with its content
production and sales arm, FreemantelMedia.
RTL paid about 126 million euros ($161 million) for a nearly
67 percent stake in Alpha in 2008.
($1 = 0.7817 euros)
(Reporting by Jonathan Gould)