Home News State TV losses will be EUR 757m

State TV losses will be EUR 757m

Published on 28/07/2004

28 July 2004

MADRID – Spain’s much-criticised state television channel will close the year with loses of EUR 757 million – EUR 134m than had been expected, the head of the country’s television authority said Wednesday.

Jaime Gaiteiro, secretary general of Ente, the Spanish state television body, said the losses had originally been expected to reach EUR 623 million.  

At a press conference in Madrid Wednesday, Gaiteiro said the projected losses were forecasted after an audit of the channel carried out at the end of June.

Initially this had indicated that losses would amount to EUR 800 million, but this had been “adjusted” to a figure of EUR 757 million.

The figure had fallen because of increased sales and a drop in spending.

RTVE has been heavily criticised in the past for the way it had become a government mouth-piece under the previous conservative administration of the Popular Party and the way its finances had repeatedly been mismanaged, forcing the state to bail it out when it recorded losses.

The Socialists have promised to improve RTVE and the standard of television in general in Spain, which is notoriously bad.

[Copyright EFE with Expatica]

Subject: Spanish news