Prima TV, a general television post owned by businessman Cristian Burca, has filed for insolvency, Mediafax informs.
The request by Prima Broadcasting Group Ltd, the company owning the audio-visual license of Prima TV, was registered at the Bucharest Tribunal, on August 6. The company has filed for bankruptcy and the first hearing is set to take place on September 3.
The sole associate of Prima Broadcasting Group Ltd, which owns the Prima TV license is Graffiti Red SRL, which in turn has the following associates: Graffiti Marketing and Multimedia Holding SA – 95 percent and Diana Tobosaru – 5 percent. The sole shareholder of Graffiti Marketing and Multimedia Holding SA is Cristian Burci, according to the website of the National Audiovisual Council.
Businessman Cristian Burci owns Prima TV since late 2013 when he took the television over from the German media group ProSiebenSat.1. The company sold at the same time Kiss TV, radio Kiss FM, Magic FM, One FM and Rock FM, which it owned on the broadcasting market in Romania, to the Greek company Antenna Group.
Prima TV had posted a tunrover of EUR 9.8 million and a net profit of EUR 2.3 million in 2014, after several years of losses.