Romanian media group Realitatea Media, which runs Realitatea TV and the Money Channel TV stations in the country, has filed for insolvency, according to the Bucharest Court. The first court term was set for September 7. Realitatea Media, which has been taken over by real estate investor Elan Schwartzenberg earlier this year, has a management contract with Asesoft, owned by Romanian businessman Sebastian Ghita. In October 2010, when the management contract was signed, Asesoft announced plans to invest EUR 75 million in Realitatea Media in the following five years. At the time, Realitatea Media was controlled by Romanian businessman Sorin Ovidiu Vantu.

Realitatea Media reported a loss of EUR 20.4 million last year, down from EUR 39 million the year before. The company's turnover in 2010 was just slightly bigger than its losses- EUR 23 million, according to data reported to the Finance Ministry. Various creditors have already asked for the company's insolvency.

Real estate company Willbrook Management is currently negotiating to take over Romanian TV station The Money Channel, according to Romanian magazine Capital. The acquisition should have been finalized in August, according to Daiana Voicu, managing partner of Willbrook International. The company, which is the developer of Cathedral Plaza, is also the owner of Platinum Business and Convention Center office building, where Realitatea Media group will move its headquarters from the beginning of October this year.

Realitatea Media runs Realitatea TV and The Money Channel TV stations, as well as Realitatea Fm and Guerilla radio stations in Romania. It has almost 800 employees.

editor@romania-insider.com

(photo source: Screen capture, Realitatea TV)