Egypt TV is in debt to suppliers of foreign programs and news agencies to the tune of 3 billion Egyptian pounds (about $500 million), and every year is adding a whopping $135 million in debt, according to a major Egyptian foreign TV distrib.Minister of information Dr. Mamdouh El Beltagui told some Egypt TV industry reps that he might have to shutter one of the two Egypt Sat channels and limit transmission hours of local channels to 12 daily (instead of the current 24). If he shuts half of the 12 Nile Thematic Channels, there will be an estimated $18 million annual gain. Meanwhile, major companies supplying foreign films, series and programs reportedly are not filling orders received from Egypt TV until past accounts are settled.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!