CYPRUS: CyBC TV unable to pay major channels for programmes

BBC, ITV, FOX and Fremantle networks have sent warning letters to Cyprus state broadcaster, demanding that CyBC comply with its obligations and pay for the rights of TV series it has acquired.

According to corporation’s chairman Andreas Frangos, CyBC has found itself in a tight spot after parliament’s decision last year stopped it airing commercials, thus depriving it of significant income.

The House voted that CyBC was to be given EUR 2.5 mln in state aid to compensate for the revenue shortfall, but it has yet to receive that money as MPs have voted to freeze the budget allocated to the corporation.

Talking before a meeting of the House Finance Committee, Frangos said that the situation is critical, and the frozen budget is urgently needed.

Frangos also noted that CyBC is not able to perform maintenance works on broadcasting aerials due the lack of cash flowing into its coffers.

According to CyBC’s chairman, the European Broadcasting Union has requested an explanation for both the suspension of advertising and the freezing of funds by parliament.

Source: The Financial Mirror