18-04-2013

Romanian TV Debt to Film Fund Rises

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    BUCHAREST: Romanian public TV, SRTV increased its debt to the Romanian Film Fund to a historic high of 6,528,930 EUR/28,617,584 RON, as announced in its annual report for 2012. 

    SRTV is required by law to contribute 15%  of its advertising revenues to the financing of the local film production. The accumulating debt led to the garnishing of SRTV’s bank account in 2010. The report states that SRTV has started negotiations with the National Centre for Cinema for payment rescheduling.

    SRTV’s new management stated that "the most important goal" of balancing the station’s financial situation was accomplished in 2012, "the most difficult of all times." It finished 2012 with a rough deficit of 33,500,200EUR, a 9.15% decrease from 2011, and a lower total debt of 141,456,000 EUR. 

    The largest debt is owed to the European Broadcasting Union,13,300,800 EUR followed by the National Centre for Cinema. SRTV has also has debts to Universal Studios International BV (1,597,010 EUR/7 m RON),  Romanian Musical Performing and Mechanical Rights Society (3,650,310 EUR), The Walt Disney Company (501,917 EUR), Prorom (2,030,480 EUR) and UEFA (524,731 EUR).

    In 2012 SRTV was governed by three different management teams. The present Council of Administration was appointed in June 2012 to head up a recovery programme, including a 30% decrease in salaries and in-house advertising sales for a period of two years. RTVS saw first profit for the last six years in August 2012, followed by profits in October and November.