The Greek Communist Party (KEE) on Monday proceeded with the sale of its 902 radio and television stations to a private investor, with the transfer expected to be completed by the end of August.

The deal for sale of the two broadcasters foresees the firing of all 48 members of staff, while management is currently in talks with the workers to request that they accept a 40 percent reduction in arrears.

The staff will be transferred to two other businesses owned by KKE before they are made redundant, while around four employees will be kept on to run the party's website, www.902.gr, local media reported on Monday.