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7NN, the television network close to Vox that signed Toni Cantó, announces its closure due to the "unfeasibility" of the project


The company, in which Marcos de Quinto entered as a shareholder four months ago, indicated in a statement that the "excessive expenses" generated without the corresponding income counterpart is the cause of the cessation of operations

Producciones Audiovisuales Hispania, SA, a company founded in May 2021 by the brothers José and Jaime Alonso, owner of the 7NN television network, has announced the cessation of operations by the end of this month of March.

This is the channel in the orbit of Vox that signed Toni Cantó in September 2022, when he left his position as general director of the Spanish Office.

The company points out in a statement that the "excessive expenses" generated (without the corresponding income counterpart) have made a project "unfeasible" that, according to its managers, came to cover an important information gap in Spain.

"The changes in management, made in recent months, have not been able to reverse the economic deterioration that had occurred," he adds.

In this sense, he points out that the "complicated economic situation", dragged on for a long time, has led its Board of Directors to proceed to an orderly closure of it.

He explains that since the start of its broadcasts, 7NN has been consuming capital (more than five and a half million euros), without obtaining a "minimum guarantee of future income" and points out that the initial management team was "more focused on trying to develop a good television product on the visual level than in building a sustainable business model”.

"This caused the level of monthly expenses of the chain to skyrocket, without keeping any logic with the meager income that was generated", adds Producciones Audiovisuales Hispania, SA

Last December 2022, the Alonso brothers gave Marcos de Quinto entry into the shareholding, with the intention of providing a new perspective to the "difficult situation" in which the chain found itself, as they explain.

However, they point out that the subsequent incorporation, in February 2023, of Fernando Quintela to the general management, as well as the urgent cost adjustment plan that was decided, have not been enough to reverse the situation.

"Once the project was certified unfeasible, as it had been conceived by the previous management, there was only one tough but professional decision: to proceed with the orderly closure of the project," he adds.

The three shareholders of the chain, who explain that they have lost all the capital they contributed to it in these two years, appreciate the work and effort of all those professionals who "honestly worked on this failed project."

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Source: elparis

All news articles on 2023-03-28

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