Published: 07.42 Europe/London, April 18, 2011

The Czech entrepreneur Lubos Mekota has bough a majority stake in the Prague local station Metropole TV.

E15 reports that two of its previous owners 11 TV production and A-News have each sold him a 33% stake in the station for an undisclosed free believed to be no higher than CZK100 million (4.12 million) and will each retain 17% shares.

Metropole TV began broadcasting last summer and its new owners have said they will invest heavily in the service, tapping in to what they believe to be a new advertising market, with a view to getting a return by 2017.

Mekota is a former trade unionist and coal baron and this is his first foray into the TV industry.