MIAMI — Spanish newsnet CBS Telenoticias filed for Chapter 11 bankruptcy protection Thursday in the hope of staying on the air.
The move comes a week after reports that the 24-hour Spanish and Portuguese-language network is facing a $20 million annual shortfall.
Last week, CBS Telenoticias announced it was laying off 77 of its 280 employees.
“This is obviously a very tough decision for us to make,” Telenoticias president Manuel Abud said in a written statement. “We have tried very hard to find ways to address the financial difficulties of the company.”
Abud was brought on board last January by Grupo Medcom after the Eye sold 70% of its interest in CBS Telenoticias to the Mexican media conglomerate. CBS bought the company in June 1996.
CBS Telenoticias serves more than 9 million homes in 22 countries in Latin and North America.