MediaMarkt is a German retail chain specializing in consumer electronics. Together with Saturn, it is a subsidiary of parent company Ceconomy.The company was founded in Munich in 1979 by Erich and Helga Kellerhals, Leopold Stiefel and Walter Gunz. In 1993, MediaMarkt acquired competitor Saturn and the Media-Saturn Holding was established. By 1996, METRO Group had acquired 70% of the shares of MediaSaturn Holding. As early as 1988, Kaufhof, now part of METRO Group, held 54% of the shares. Expansion quickly followed, first in Germany, but soon also in the rest of Europe: Belgium, Greece, Hungary, Italy, the Netherlands, Austria, Poland, Portugal, Spain, Turkey, Sweden and Switzerland. In November 1999, the first MediaMarkt branch opened in Rotterdam, the Netherlands.