German broadcaster Tele Munchen Group has been acquired by investment firm KKR.
The new owners said they aim to create a “leading independent audio-visual content platform” catering “to every aspect of the value chain: production, licensing, and distribution” while addressing “structural changes in media market by focusing on premium content from Germany.”
Fred Kogel will take over as CEO of Tele Munchen Group. The company is currently run by president Herbert G. Kloiber and his son, managing director Herbert L. Kloiber.
“I am proud of what we have achieved at TMG in the past four decades,” said Herbert G. Kloiber. “Following much deliberation, I have decided to place my life’s work into the hands of KKR and thus to ensure that TMG, with its wonderful employees, may continue to grow and succeed.”
Financial details have not been announced. Completion of the transaction is subject to regulatory approvals.