RTVE forecasts sharp ad rev drop
Spain's national public broadcaster Radio Televisión Española (RTVE) has forecast a huge reduction in its advertising revenues for next year, down 11% or €77 million less.
The company's budget for 2009 contemplates a total of €520 million in concept of advertising revenues.
Luis Fernández, RTVE's president, declared the public corporation would try to get money from "other concepts" to compensate for the advertising loses. These other concepts will be the official money from the government.
But the oposition party to the government, the PP, is surprised because almost 95% of RTVE's budget comes precisely from the government or from the advertisements.
RTVE has tighetened its belt, reducing its expenses by €600 million in the last four years.