Portugal postpones sale of public broadcasterJanuary 25, 2013 @ 3:04 am
LISBON, Portugal (AP) - Portugal's government is postponing its planned privatization of the public broadcaster after complaints from private channels that the advertising market isn't big enough for another competitor.
Parliamentary Affairs Minister Miguel Relvas said late Thursday the planned sale of all or part of Radiotelevisao Portuguesa will take place at "a more suitable time" as Portugal endures what is forecast to be a third straight year of recession in 2013.
Portugal's two private channels, TVI and S.I.C., opposed the privatization because the economic slowdown has cut advertising revenue.
Debt-heavy Portugal needed a (EURO)78 billion ($104 billion) bailout in May 2011, and the government has vowed to cut state spending. RTP received (EURO)240 million of public funds in 2011.
Relvas said the broadcaster will be subject to a "painful" restructuring program.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Not the End
Officials have another trick up their sleeves to help save King County's bus service
Richard Sherman recognized along with Beyonce, Jeff Bezos and the Pope
The FDA is about to regulate a product that helps people quit tobacco
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.