By Fotis Fotinos
Shipowners Dimitris Bakos and Yiannis Kaimenakis “open the fan” of their activities, assisted by the lawyer Alexandros Exarchou.
The new major shareholders of Intrakat, for some time now, have been scouting the entry into the media, talking to 2-3 channels.
Finally, the negotiations with the television station Action 24 of the company Sport TV Radioteleoptiki SA, with President and CEO Dionysis Panagiotakis, were successful, with the new major shareholders of Intrakat acquiring 100% of the company.
Completion of the transaction is estimated at the end of September, with the price based on two main parameters: Turnover and total liabilities.
The aim of the new owners is, first of all, to strengthen the information sector of the channel and already the first “transfers” of executives are considered complete.
Action 24’s financial figures
Action 24 (originally started as TVM, then Magic and Sport TV and in 2013 renamed Action 24) reported a turnover of €1.15 million in 2020 compared to €1.42 million in 2019 and a loss after tax of 0, €64m in 2020 compared to a loss after tax of €0.46m in 2019.
Accordingly, in 2020 total liabilities amounted to €5.8 million compared to €5 million in 2019, with equity at the end of 2020 being negative by €1.9 million.
In fact, on March 2, it was decided to increase the share capital by 498,000 euros with a cash payment.
Based on the above and according to unconfirmed information, the price for the acquisition of Sport TV Radioteloptiki SA is estimated to be up to 10 million euros.
The information sector is being strengthened ahead of the elections, the possibility of obtaining a nationwide license is open
The new owners of Action 24 are expected to strengthen the informative character of the station, maintaining the same political and economic orientation in view of the upcoming national elections.
In particular, the transmission of a live news program in the morning hours is also being considered, with the aim of the total news program reaching up to 12 hours.
The first “transfers” of executives have already been completed, such as that of journalist Yannis Sarantakou, who will take over as News Director.
If the first phase is successfully completed, then Action 24 will move to obtain a nationwide license, even if such an undertaking requires significant funds (30 million euros).
Finally, the new owners of Action 24 do not seem to be oriented towards the acquisition of another regional station, given that Action 24 can – potentially – be broadcast throughout the Greek territory from the subscription platforms of COSMOTE TV and NOVA.
Source: Capital
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