The Spanish public broadcaster RTVE is finalising a plan to save €50 million a year and shed at least 500 employees.

According to El Economista, the corporation expects to end this year with a deficit of €130 million and the plan has to be approved by its Board of Directors later this month.

On the operational side of the business, the most controversial measure is the merger of the sports channel Teledeporte with La 2, allowing for the privatisation of the second multiplex.

The measure, which would come into effect this December, would save around €16 million in content and distribution costs. It would also free up the digital dividend for telcos and 4G services.

RTVE would also expect to reduce its operating expenses by 5% by negotiating contracts with Telefónica, Abertis and Sgae.