Global crisis hits Russian TV

Russia’s TV industry is starting to feel the effects of the global financial crisis.

According to Kommersant, the broadcaster TRK Petersburg, otherwise known as the Fifth Channel, is to impose large cutbacks, starting with a 15% reduction in its workforce on November 1.

TRK Petersburg is currently one of the leading stations in Russia, having secured the right to broadcast beyond St Petersburg in November 2006.

It is majority owned by the entrepreneur Yury Kovalchuk, who also has a stake in Ren TV, and can be received in 150 cities throughout Russia.