Television channel Alpha has been bought by members of the Papaellinas family, which also owns the Alfa Mega supermarket chain, for €7m, it was announced on Wednesday.
A statement issued by Alpha Cyprus said an initial agreement has been made for the acquisition of all the company’s shares by members of the Papaellinas family, which also owns the Papaellinas Group.
The agreement is subject to the approval of the island’s broadcasting watchdog.
Apart from the Alfa Mega supermarket chain, Papaellinas Group also owns Beauty Line and Holland and Barrett, among others.
The new owners made it clear that the venture had no links whatsoever with the group’s other companies and it was a completely independent investment by a group of investors belonging to the Papaellinas family.
One of the investors, Giorgos Theodotou, told InBusiness news that Alpha Cyprus would continue to operate as a separate entity.
No changes are expected to the station’s programming.
Upon completion of the agreement, the board would be headed by Andreas Papaellinas with the former owner, Greek businessman Demetrios Kontominas, as honourary chairman. Petros Petrou will continue as the company’s general manager.
The final composition of the board will be announced at a later date.
Kontominas, who also owed Alpha Greece, set up the station two years ago reportedly for €3.5m. Since then, the station has been successful, a factor which played a key role in the acquisition.