Greece: Major TV stations set to lose their licenses

Markets Associated Press

Greece's left-wing government says it has raised 246 million euros ($275 million) from a television license auction that saw just two of the seven current private national broadcasters survive.

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The results were announced early Friday after TV executives were kept in isolation at a government building for more than two days during the sequential bidding.

Broadcasters Skai and Antenna won two of the four licenses, the others going to two newcomers — including a company linked to Vangelis Marinakis, a prominent ship owner and chairman of Greek soccer champion Olympiakos.

TV stations Star and Alpha were eliminated during the bidding, while three other channels did not enter or were excluded due to financial trouble.

The government says the new licenses will take effect in 90 days.