Russia’s State Duma has allocated Channel One R3 billion (€44.5 million) for the next two years.
According to Vedomosti, this follows the adoption of amendments to the law On the Federal Budget for 2017 and the Planning Period 2018 and 2019.
It adds that the funds will be used to reimburse the costs of producing and acquiring content, filling airtime and securing a TV audience, as well implementing current and international activities.
Vedomosti notes that Channel One, which is Russia’s leading broadcaster, did not publish its annual accounts in April. This was the first time it had failed to do so in five years.
In 2015, its revenues fell by 12% to R26.5 billion.
