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MEDIA-CARIBBEAN: STATES TO BAIL OUT TROUBLED REGIONAL NEWSWIRE
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Newsletter
MEDIA-CARIBBEAN: STATES TO BAIL OUT TROUBLED REGIONAL NEWSWIRE
2002
Overview
Ministers, who met here yesterday, would not say how much money would be involved but Antigua-based Observer Radio reported the bailout could amount to $1.5 million. CMC reportedly had sought $2 million. Details are to be finalized and the deal approved and unveiled at next month's Caribbean leaders' summit in Belize. CMC, established 17 months ago to take over the operations and functions of the Caribbean News Agency (CANA) and the Caribbean Broadcasting Union (CBU), was forced to close Jan. 4 under the weight of more than $1 million in debt. \"It is absolutely clear to the CMC board that the importance of the organization is greater today than it has been over the past 30 years. Undoubtedly, permanent closure would be a grave blow to the region and a development that would require establishment of a similar institution with all the attendant difficulties that will flow from the loss of knowledge and experience accumulated over three decades,\" CMC added.
Publisher
Global Information Network
Subject
