Chile: Government approves TVN’s capitalization

The Budget Office approved a USD 22,3 million capitalization of state-owned broadcaster TVN. The figure is less than the USD 47 million that the Congress approved for the channel in January.
The agency reported that it complied with Law 21.085, which authorizes the Treasury to capitalize TVN with USD 22,3 million “for investment projects that the company requested,” La Tercera reported.
The channel plans to invest the money in the implementation of DTT and regional infrastructure projects, among other initiatives. Initially, TVN had requested USD 65 million, a figure that included USD 18 million for a new cultural TV channel. However, this project is on hold and resources have not yet been requested.
The remaining USD 25 million budget expected by the broadcaster was not approved because it would not be use according to the law. La Tercera reported that representatives from TVN said that the items not approved were going to be used for programming, but other versions indicate that they would be used for expenses related to indemnities and layoffs. Recently, 80 workers from different areas of the channel were dismissed.