The Nationalist Party has set itself a 14-month deadline for its media wing to break even, following years of registering losses.
PN leader Bernard Grech first revealed the party was €32 million in the red during his speech at the general council in April, following the party’s massive defeat in the March 26 election.
He said the PN’s media company was losing tens of thousands of euros each month and was no longer sustainable.
In an internal meeting held on Thursday at the media quarters, Media.Link employees were told that the plan was to restructure so that they would break even within 14 months.
We are confident that our target will be reached and the company will continue disseminating the party’s message while being commercially viable- PN secretary general Michael Piccino
It means that they will need to reach a point where the revenue and total costs are the same, meaning the business is making neither a profit nor a loss.
However, Net TV and Net FM employees, as well as those working for daily newspaper In-Nazzjon and its Sunday counterpart il-Mument, were all reassured that no one would lose their job within the company.
Currently, people who are leaving the media branch are not being replaced.
Media.Link to submit plan
PN secretary general Michael Piccinino confirmed there was a meeting this week, saying the party holds regular updates with its employees to keep them informed on the situation of the party and the company.
“During this meeting, among other things, the employees were informed that, in the coming weeks, Media.Link’s management will be submitting a plan to the company’s board and to the party’s administrative council,” Piccinino said.
“This plan ensures the company will, as a minimum, start operationally breaking even in the coming 14 months whilst safeguarding the interests of our current employees.”
Asked what would happen if this target was not reached within the self-imposed period, Piccinino said he believed the restructuring would work.
“We are confident that our target will be reached and the company will continue disseminating the party’s message while being commercially viable,” he contended.
In 1991, the Nationalist Party opened its radio station, Radio 101, and, seven years later, it launched its own television station, Net TV.
Over the years, different administrations have struggled to keep the media branch of the Nationalist Party running amid huge financial losses and it is now hoped that things will take a turn for the better with the proposed restructuring plan.