Published: 08.00 Europe/London, May 3, 2011

The Romanian group Realitatea Media has undergone a change of ownership, with the entrepreneur Elan Schwartzenberg buying a 90% stake in the company – whose interests include Realitatea TV – for an undisclosed fee.

Quoted by Mediafax, Schwartzenberg said that he has access to €100 million for the development of the business.

He also confirmed that Sebastian Ghita would remain the head of Realitatea Media.

Sorin Ovidiu Vantu, the former owner of Realitatea Media, now has no connection with the company.