Herbert Kloiber, founder and owner of German media company Tele München Gruppe, wants to divest his Austrian commercial TV channel ATV.
“ATV will, as part of the future plans, probably not belong to the portfolio to be handed over to my successor,” the media entrepreneur told German financial newspaper Handelsblatt.
He regrets his loss-making engagement in Austria. “ATV was my biggest mistake. I’ve made losses in the two-digit million euro range with ATV,” said Kloiber who also owns German commercial TV channel Tele 5 and a stake in RTL II.
“On my 70th birthday on December 6, 2017 I want to hand over the management of Tele München Gruppe to my son who will probably set different priorities. I will therefore take care of the reassessment of our portfolio in the meantime,” said Kloiber. “I don’t want to make my son a Greek gift.”