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New EU greenlights PSB compensation - 18-July-2008, 14:50

EU greenlights PSB compensation

The European Union has authorized the French governments injection of 150 million into France Tlvisions capital to compensate for 2008 advertising revenue losses due to the announcement of future PSB ad ban.

Announcement of the ad ban, made in early 2008 has made France Tlvisions financial balance fragile in the short term, the Brussels Commission commented. The 150 million capital contribution should be effective in the course of the summer.

France Tlvisions Board of Administrators has also voted for a 2008 revised budget that plans a 100 million deficit. The new budget integrates the 152 million ad revenue losses due to the announced ad ban of early next year as well as the measures planned to limit such a deficit, France Tlvisions said. Cuts in general costs should save 9.5 million and 20.7 million will be saved from programming cuts.
   
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