The media entrepreneur Herbert Kloiber sells the Tele München Gruppe (TMG) to the US investor KKR. His son Herbert Kloiber jr. is to remain CEO of TMG's core companies.
To Tele Munich include the television station Tele 5, the film distribution Concorde and 85 percent of the film production company Odeon. In addition, TMG owns a third of the TV channel RTL 2.
The group began in 1970 as a classic film production company, the first successes came in cooperation with ZDF: "The Seewolf" and "The lost Inkagold" are now considered a classic in television history. In 1977, Kloiber acquired the company and expanded it into a broad-based media company.
According to the press release, KKR wants to develop Tele München into a platform that works from film set to cinema and TV exploitation. The sale must still be approved by the authorities.