Regular state subsidies will be required to stabilise the financial position of Russia’s Channel One.
Quoting a report by PwC and commissioned by the broadcaster, Kommersant reports that they should amount to R6.5 billion (€86.2 million) a year between 2018-201, followed by R5 billion a year between 2022-2025.
Quoting an unnamed source, it adds that the current level of subsidies does not take into account the public channel’s political mission.
Channel One is majority (51%) owned by the state, with 29% held by National Media Group (NMG) and 20% by Roman Abramovich. Its revenues in 2017 amounted to R31 billion, while its loss stood at R1.56 billion.
Although Channel One was traditionally the leading broadcaster in Russia in terms of audience share, it has trailed VGTRK (Rossiya 1) for the past three years.