Austrian billionaire and Red Bull founder Dietrich Mateschitz has had enough from the losses of his company’s free-to-air channel Servus TV and pulls the emergency brake: The channel will be closed down this year.
“Despite having invested nearly a three-digit million euro amount into Servus TV year after year, no really positive development can be expected in the current market and competition situation seven years after launch,” according to a statement.
“The channel has therefore become economically unsustainable for our company. In compliance with the diligence of a prudent businessman, we have decided to close down the operation of Servus TV. The changes in the global media market support us in our decision as digital offers push away classic linear channels.”
No closing date has been given yet. Broadcasts will continue without restrictions for the time being, according to the statement.
Servus TV recently made headlines with its acquisition of the TV rights of motor sports series MotoGP. More than 250 employees are affected by the closedown of the Salzburg-based channel.
