BBC: Greek media upheaval hits Mega TV channel

It has been a nerve-wracking week for staff at Greece’s oldest private TV channel, Mega.

On Tuesday, after going for two months without pay, staff were told the channel’s owner could go bankrupt, shutting down the operation for good.

But at the eleventh hour, shareholders agreed to prop up the company. So for now, at least, the 500 staff are breathing a sigh of relief.

Burdened by bank loans estimated at €116m ($129m; £88m), the channel’s future has been unclear for a long time.

Since the financial crisis hit Greece in 2010, many media operations have had to shut down. One of the most memorable was Alter TV, whose owner was charged with tax evasion and imprisoned, and 700 staff suddenly lost their jobs.

Six years on, the country is still suffering. Its economy has shrunk by a quarter and the unemployment rate is the highest in the EU at 24%.

A slump in advertising has made it harder for media outlets to survive.

The turnover of Greek advertising firms fell from €1bn in 2007 to just €250m in 2014. And the turnover of the surviving private TV channels halved over the same period.

To read the full article on the BBC click HERE.