09:12
Reported

News Brief

  8/20/2012, Elul 2, 5772

Report: Channel 10 to Fire a Quarter of its Staff


The board of directors of Channel 10 televison are scheduled to hold an emergency meeting Tuesday, at which time, they are expected to order the immediate firing of 150 of the 600 employees of the station and the nana10 website, according to a Monday report by the Calcalist economic newspaper. The decision is part of an emergency plan to cut 50 million shekels from the budget.

The emergency plan follows last week's decision by the Second Broadcast Authority to forfeit Channel 10's financial guarantees by September 2nd because of an NIS 64-million debt run up by the station in franchise fees and royalties. Channel 10 criticized Finance Minister Yuval Steinitz for refusing to meet with them for a year regarding settling of the debt. The station recently got shareholder approval for a five-year debt-payment program which anticipates additional sources of revenue.