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ftm Radio Page - August 10, 2012

No vision and no future, staff quits
Last straw, radio silence

Falling silent after bankruptcy and ownership change is one of two national commercial radio channels in Hungary – Neo FM. Staff and, it seems, management walked out Monday (August 6) leaving the broadcast to pre-recorded material for a day. By Wednesday (August 8) all was silent.

Neo FM’s fate was, arguably, cast nearly three years ago when the Hungarian media regulator empowered at the time awarded the two national radio concessions to local companies over renewal applications by established – and successful – foreign operators. One license was given to an operator linked to the Socialist Party (Neo FM) and the other to an operator linked to the Fidesz Party of Prime Minister Viktor Orban. At the time, the previous license holders and the head of regulator ORTT, who resigned over the matter, protested that the business plans of the succeeding applicants were “unrealistic.” The other national radio channel Class FM, aligned with the Fidesz Party, has benefited from exclusivity in government advertising. (See more on media in Hungary here)

The current media regulator (NMHH) was formed shortly after the new concessions were approved and staffed with Fizdec Party operatives, giving the government a measure of cover as international attention (The Economist and The Financial Times) raised questions about Hungary’s suitability for international investment. In recent weeks, the NMHH attempted to prevent Neo FM’s collapse by offering to restructure transmission and license fee debt. Neo FM’s owners responded by filing bankruptcy. The NMHH approved in late July the transfer of Neo FM to a new owner for a symbolic five florints and assumption of debts, which also included employee salaries and, reported vg.hu (July 7), outstanding bank loans.

M-Media Ltd acquired the assets of FM1 Media, operator of Neo FM, with all the opacity common in Eastern European media transactions as governments given preference to local, politically attached owners over foreign media companies and investors. A local real estate lawyer Mihaly Medveczky is listed as managing director of M-Media Ltd, which according to local reports is owned by Slovakian ad man Ladislav Medveczky.

The “last straw,” said out-going news director Attila Berényi, was the new management telling staff that salaries wouldn’t be paid until debt restructuring negotiations were successful completed. To the 26 employees that meant “a situation with no future prospects created by the new owner, the existing circumstances and the owner’s future vision.” (JMH)

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