By Chris Dziadul
March 26, 2012 09.53 Europe/London
The leading Russian broadcaster Channel One has finally relented to pressure from the country’s Federal Service for Financial Markets (FSFM) and published its financial results.
Kommersant reports that this was after several times of asking and being fined a total of R3.45 million (€86,600) by the FSFM for failing to disclose the information.
The results show that Channel One failed to cover its costs in both 2010 and 2009, with the shortfall being made up principally by federal subsidies of R4.462 billion and R4.575 billion respectively.
Channel One reaches 99.3% of the population and was valued at $600 million (€452 million) in 2010.
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