In a significant development in teh Greek media landscape, Ivan Savvidis is reportedly nearing a deal to sell the OPEN television station to businessman Dimitris Mari. According to reliable sources,the transaction is valued at approximately €37.5 million, surpassing previous estimates discussed with other potential buyers. This move comes as Savvidis seeks to distance himself from his media ventures, particularly as OPEN TV faces financial challenges, incurring annual losses of around €25 million.The sale reflects a strategic shift for Savvidis, who has been financially supporting the station amid its ongoing difficulties.In its 2023 financial report, “RADIO TELEVISION ANONYMOUS COMPANY,” operating under the brand “OPEN Beyond,” revealed a significant increase in losses, totaling €26.83 million after taxes, compared to approximately €21.6 million in 2022. The company’s operational expenses for distribution reached around €15.5 million, while administrative costs amounted to €16 million. Despite these challenges, OPEN Beyond reported a revenue of €22.24 million, a slight increase from €20.9 million the previous year. The company, owned by media entrepreneur Dimitris Maris, continues to navigate a competitive landscape, having previously collaborated with Ivan Savvidis during his acquisition of the newspaper Ethnos.Ivan Savvidis, a prominent figure in the betting industry and a major stakeholder in Stoiximan, is reportedly in the process of selling Open TV, a television station he has owned as 2018.This potential sale marks a significant shift in ownership for the network, which was previously known as Epsilon TV before being acquired from former owner Philippos Vryonis. As Savvidis continues to explore business opportunities primarily in New York, the media landscape in Greece may soon see a new chapter, raising questions about the future direction of Open TV and its programming.
Interview: The Future of Open TV Amid the Sale to Dimitris Maris
Q: What do we know about Ivan Savvidis’s potential sale of OPEN TV to Dimitris Maris?
A: Recent reports indicate that Ivan Savvidis is close to finalizing a deal to sell OPEN TV to businessman Dimitris Maris for about €37.5 million. This price markedly exceeds earlier estimates discussed wiht other potential buyers, highlighting a significant transaction within the Greek media sector. Savvidis, who has faced escalating financial losses associated with OPEN, appears to be strategically distancing himself from media ventures as he explores new business opportunities abroad, particularly in New York.
Q: Can you elaborate on the financial situation of OPEN TV?
A: OPEN TV, operating as OPEN Beyond, has been grappling with substantial financial challenges. The latest financial report revealed an increase in losses, totaling €26.83 million after taxes in 2023—up from €21.6 million the previous year. Operational expenses for distribution alone reached around €15.5 million, with administrative costs hovering at €16 million. Despite these hurdles, the company did see a slight revenue increase to €22.24 million,showing some resilience in a competitive landscape.
Q: What might the implications of this sale be for the future of OPEN TV?
A: The ownership transition to Dimitris Maris could usher in a new era for OPEN TV. Having previously collaborated with Savvidis, Maris is already entrenched in the media industry, owning other assets under the 24Media umbrella. This sale not onyl reflects Savvidis’s shift to offload his media interests but poses questions about the potential strategic changes in programming and operations at OPEN TV. Given Maris’s management style and vision, we could see a reorientation that might impact viewers’ experience and the channel’s programming direction.
Q: In light of these developments, what advice would you give to stakeholders in the Greek media industry?
A: Stakeholders in the Greek media industry should remain vigilant about the shifts in ownership and management, as these could significantly influence market dynamics. It’s crucial to adapt to such changes by evaluating the competitive positioning of their own media properties. for viewers, remaining engaged with content quality and diversity will be essential. Advertisers and partners should keep a close eye on how these transitions affect audience reach and engagement metrics—ultimately influencing advertising strategies.
Q: How does this sale reflect broader trends in the media industry?
A: This sale illustrates a broader trend of consolidation in the media landscape as companies reassess financial sustainability amidst rising operational costs and evolving consumer behaviors. The increasing financial pressures exerted on media outlets necessitate strategic partnerships and ownership changes as they seek to bolster profitability and market relevance. The outcome of such transitions can redefine how media entities operate and engage audiences across platforms.
This impending sale may not just be a pivotal moment for OPEN TV but could also set a precedent for future transactions within the greek media sector, reflecting the ongoing challenges and adaptations faced by media companies in today’s fast-evolving landscape.