Global financial crisis forces RTL to abandon Serbian move - reports

The global financial crisis has forced RTL to abandon a plan to buy into Belgrade’s TV Avala, according to Serbian press reports. RTL, which earlier reports said was expected to sign a draft contract to buy 49% of TV Avala for €45 million, had received preliminary approval from the National Broadcasting Agency (RRA).

Under Serbian law, a company holding a broadcast licence must keep at least a 51% stake in the TV station until the licence expires.
TV Avala and four other TV stations secured national broadcast licences in April 2006. RTL also applied for its own licences, but was unsuccessful.