New blow for OTV: the channel goes insolvent

Newsroom 30/03/2012 | 09:41

OTV channel has gone insolvent after the Bucharest Court accepted the demand of Mamitzu Production, a company which requested the start of the insolvency procedure. The decision of the court can be appealed against within 7 days.

The demand against Ocram Televiziune, which runs OTV, was filed on November 30.

Ocram Televiziune is owned by Dan Diaconescu, who has an 80.1 percent stake, and GMG Media Box SA, with the remaining 19.9 percent.

This week, OTV has received the harshest penalty yet from the National Audio-visual Council (CNA), which decided that the TV channel can broadcast only until September 28, due to political advertising appearing on the channel.

The current license will no longer be valid after September 28, in spite of the opposition of Dan Diaconescu, owner of the TV channel, who claims that he is not “a People’s Party member, that he does not make electoral shows but is merely a journalist who tries to interact with viewers.”