Three companies have asked for the insolvency of Realitatea Media, the company which is running Realitatea TV. The firm which publishes Romania Libera newspaper and which has rented Realitatea Media office space in the Free Press House is trying to recover a debt of nearly EUR 120,000, while Mediafax newswire is looking at a debt of EUR 50,000 from Realitatea Media. Another company, General Clima Therm has also asked for the media company’s insolvency, according to local media. The first judging term will be on January 12.
Realitatea Media, a company indirectly owned by Romanian businessman Sorin Ovidiu Vantu has recently gave up on publishing on print several publications, among which the financial daily Business Standard, the daily newspaper Cotidianul, which is now only running in an online version.
Local media has seen the impact of falling advertising sales the last year, which was triggered by the reduction in advertising budgets for most firms and the dramatic fall of some sectors, such as real estate, which used to provide advertising revenues for the media.