Slovenian state broadcaster RTVS lost 24 million euros ($26 million) in the 2002 fiscal year, and is to ax 120 employees this year. Network director general Aleks Stakul blamed low ad revenues and a failure to hike licensing fees for the drastic shortfall.
Stakul said that if fees to Croatian viewers had been raised last year the net would have saved at least $2.8 million.
The network did implement cost-cutting measures in 2002, but no amount of streamlining could offset the crushing loss in revenues. Analysts see the axing of 120 jobs as a last-ditch attempt to bring losses at the troubled state network under control.