Friday, January 25, 2013 6:04 am
Portugal postpones sale of public broadcaster
The Associated Press
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.