The television company’s staff will be reduced to 2,340 people, which means the startup of the mass layoff process, based on the collective work contract, said the president-general manager Claudiu Saftoiu.
SRTv’s economic recovery program will be submitted to the Finance Ministry, which, in turn, will draft a memorandum to reschedule the company’s debt to the state on a 7-year period, Saftoiu added.
The memorandum is a prerequisite to implement SRTv economic recovery program.
SRTv registered a loss of 160.8 million lei (EUR36.1 million) in 2011, down 0.71% on the year, and total revenues of about RON583 million.
Losses were caused mainly by several disadvantageous contracts signed between 2004 and 2010, a low TV services fee (the main financing source of the public TV broadcaster) and the significant contraction of the advertising market, SRTv said in a press release.
The company’s advertising revenues have dropped by over 50% since the second half of 2010 compared to 2006-2008, which triggered a decline in revenues of over EUR10 million per year. (EUR1=RON4.4571)