RTL, the pan-European broadcaster, has pulled out of another market after announcing on Thursday that it is to sell its 70 per cent stake in Alpha Media, the third largest Greek broadcaster by ratings and revenues.
The financial crisis has hammered advertising sales in Greece and Alpha’s revenues dropped in the first half of 2011 from €36m to €27m while it recorded an operating loss of €31m ($39m) including a €15m impairment. The previous year, RTL booked a charge of €46m on its investment in Alpha.
Read the full story at ft.com
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