Romania's state TV company posts profit after seven years of losses, but debt still high

The state – owned Romanian Television TVR managed to post a profit in 2013, of some EUR 700,000. It was its first profit in the last seven years. Its debt however was still high: EUR 174.8 million at the end of 2013, according to TVR's activity report as publicized in the Romanian Parliament. The profit was the result of cutting expenses by some EUR 43.5 million on 2012. Massive layoffs and board dismissal happened at TVR in 2013, after the Parliament rejected the media company's activity report on 2012. TVR sacked 619 employees in 2013. The media company posted revenues of some EUR 120.7 million, most of which were generates by the TV tax, advertising, and state budget subsidies. The TVR received some EUR 40.6 million in subsidiaries, the majority of which – some 90 percent – go directly to the Societatea Naţională de Radiocomunicaţii (SNR) on account of the terrestrial re-transmission services. Total expenses stood up at some EUR 120 million, most of which were exploitation expenses, and EUR 2.6 million of which were financial expenses. TVR is currently led by Stelian Tanase, as interim general manager. Every year, the Romanian Parliament has to approve or reject TVR's report on the previous year by April 15. Should it reject the 2013 report in its Tuesday session, the Parliamentwould also dismiss the current TVR board. The state media company runs several TV stations, including TVR 1, TVR 2, TVR 3, TVR Internaţional, TVR News, TVR HD and TVR Moldova, as well as territorial offices in Cluj-Napoca, Craiova, Iaşi, Timişoara and Târgu-Mureş. editor@romania-insider.com