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THE QUARTER IN BUSINESS

STV plans a debt and asks for a billion crowns

The council supervising public broadcaster Slovak Television (STV) has approved the new STV budget, which again forecasts a loss in 2008 and expects the state to cough up Sk1 billion to cover part of the loss. The rest of the funds will be used to launch a new sports channel, STV3.

(Source: SITA)

The council supervising public broadcaster Slovak Television (STV) has approved the new STV budget, which again forecasts a loss in 2008 and expects the state to cough up Sk1 billion to cover part of the loss. The rest of the funds will be used to launch a new sports channel, STV3.

The budget does not mention how the broadcaster intends to cover last year’s loss of Sk200 million.

Two members of the council who didn’t vote for the budget, Peter Malec and Miroslav Kollár, argue that the loss will be higher this year because revenues have been overestimated by at least Sk100 million, while the costs of STV’s planned projects have been underestimated.

The state budget doesn’t count on channelling money into STV, said Finance Minister Ján Počiatek.

Culture Minister Marek Maďarič added that the fact STV is planning for a loss indicates that its management is handling its finances poorly.

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