TMG’s Concorde Takes Additional ATV Stake

VIENNA/MUNICH, October 19: The Austrian banking group BAWAG has sold its 42.44 percent interest in ATV to Tele München Group’s Concorde Media Beteiligungs, which already holds a stake in the Austrian broadcaster.

The exact purchase price was not revealed; a TMG release said only that it was a “low double-digit million euro amount.”

Dr. Herbert Kloiber, controlling shareholder of TMG, noted: “With the acquisition of the BAWAG PSK’s stake, the future development of ATV will gain even more significance within our group. Although competition will increase, we are looking forward to the upcoming years with entrepreneurial enthusiasm. We are thrilled to meet all the challenges put forth by the media developments in our fast moving times. ATV’s established brand is already standing like a lighthouse in the waves of technological change.”

—By Mansha Daswani