Greek-Russian businessman Ivan Savvidis has bought a 19.63 percent stake in Mega TV channel, which is controlled by listed firm Teletypos, for a reported 5 million euros, it was announced Monday.
Savvidis, the owner of PAOK soccer club, purchased the stake that belonged to the Pegasus media group owned by Fotis Bobolas.
The percentage was the collateral for bank loans taken out by Pegasus. Seventy-five percent of the 5 million paid by Savvidis will go toward paying off Mega’s bank debts while the remaining 25 percent will be used for back pay owed to staff.
The deal between Savvidis and Bobolas was derided by main opposition New Democracy, which said in a statement Monday that it left many questions unanswered with regard to its legality.
It also said the deal had the blessing of the government and that it was a coordinated effort by traditional and new vested interests to control information at the expense of pluralism and democracy.