Austrian media entrepreneur Dr Herbert G. Kloiber sells his German media group Tele München to US financial investor KKR.
Financial details were not disclosed. Kloiber will act as a member of the advisory board of the platform managed by KKR, while his son Herbert L. Kloiber will remain managing director of the core companies of Tele München Group (TMG).
Tele München, founded 50 years ago, owns German commercial TV channel Tele 5 and shareholdings in RTL II and Odeon Film as well as subsidiaries such as Concorde Filmverleih and Concorde Home Entertainment. With around 1,800 employees, the group achieves a total turnover of €520 million.
Two years ago, Tele München sold its Austrian commercial broadcaster ATV to ProSiebenSat.1.
“I am placing the company in the experienced hands of a great financial investor who knows the international media market inside out and, in Fred Kogel, has hired an outstanding manager to provide new inspiration in the coming years,” Kloiber said in Munich.
Philipp Freise, partner and head of the European investment team for technology, media and telecommunications at KKR, added: “We thank Dr Kloiber for the confidence he has in us to continue developing this great company. We are very pleased to jointly with TMG create something new in the film and TV business: a platform covering the entire value chain from film sets to the cinema and TV rights sales, with strong in-house production, which we will expand through further acquisitions.”
The transaction is subject to regulatory approval.