Channel 21 hits financial trouble
Jörn Krieger | 13-12-2010
German home-shopping broadcaster Channel 21 seems to be in financial difficulties. To prevent to channel from having to file for insolvency, a cost-saving programme has been implemented on short notice, a spokeswoman confirmed to German industry newsletter “DWDL” .
As part of the measures, the report states, several employees have been made redundant. The spokeswoman didn't want to comment on information according to which a total of 35 staff members were dismissed and the daily live shows were cut from 12 to 8 hours.
According to the report, Channel 21 would have already gone insolvent if its sole shareholder Thomas Haffa, the former head of German media company EM.TV (now Contantin Medien), hadn't promised yet another investment on short notice under the condition of the implementation of the cost-saving programme.
The channel, which launched in 2001 under the name RTL Shop, was taken over by investment group Aurelius in 2008 from RTL Group and, after a short intermezzo in the hands of media entrepreneur Michael Oplesch, purchased by Haffa in spring this year.