Greek Tycoon Eyes U.K. Acquisitions

LONDON/ATHENS, January 5: Theodore Kyriakou, the Greek millionaire that heads up Antenna TV, is said to be looking to amass £2 billion to fund the acquisition of European media assets, with a focus on the U.K.

In December, Guillaume de Posch, the former CEO of ProSiebenSat.1, signed on as an advisor to the Greek media group. Using the proceeds from its sale of Bulgaria’s Nova TV to Modern Times Group, Antenna TV is looking at acquisitions in the TV, radio and Internet sectors, reports indicate.

"We are not about to rush in anywhere, but will wait to see what opportunities turn up in the next six to 18 months," Kyriakou, the group vice chairman and the son of Antenna’s founder, shipping magnate Minos Kyriakou, told the Financial Times. "At the moment, our strategy is to stay in cash for the next six months or so and then see what state the credit markets are in."

He continued: "We will be looking at a variety of assets across the broad spectrum of the media world and across Europe," he said, adding that the focus will be on the U.K. "This is where the best people are and where all the information we need and the help we need can be found."

—By Mansha Daswani