Gee, this sounds awfully familiar:
Springfield’s public television station is in a financial crisis so serious that the station’s chief executive officer is warning it could go off the air…. Gruebel is appealing to viewers to donate $330,000 to get the station through the summer. If the money doesn’t materialize, “any number of negative scenarios can play out,” he said….
While the non-profit corporation hasn’t missed any loan payments, he said, it is at risk of violating loan covenants, including requirements to stay within a certain asset-to-debt ratio and have a minimum amount of money in reserve. The covenants are scheduled for review in September, he added.
Is this the new strategy for public television stations to raise money/pay off debt/get free publicity?
I think it’s more the fact that Bank of America is involved in both cases. Didn’t BoA do the same thing in Peoria — declare WTVP to be in default even though they hadn’t missed a payment? Well, now they are pulling the same thing in Springfield.
I suppose if you had a mortgage with them and you lost your job or got sick, they would foreclose on your house immediately even if you tightened your belt and still made your payments on time.
It’s time for the waste of taxpayer money that is public television to cease to exist.
Public television is a good move. I think the problem is the high cost of everything and let’s face it, if you have to chose between public TV and the CILCO bill, what is going by the way side.
Due to the credit crisis, BoA, like many banks, simply began taking a harder look at all of its outstanding debt. It announced as much a year or so ago.
Public television has amazing programs, I support it 200%!! I do think that the people in charge of WTVP made a mistake by not incorporating condos or other business offices that would help provide rent when they built their new building. They did not have any foresight.
BoA is another story. They are obviously in trouble and are hitting up clients who owe them large sums of money to bail them out.
WTVP is on the cutting edge with their programming and technology. They are the only station in Central Illinois setup for High Def. I personally like NOVA, but they have some good high def local programming too. I think they worth supporting. However I agree with Alex, if it came to gassing up my car or supporting WTVP, I would choose the gas any day.
Yes, Public TV has great programs… programs that are bought and paid for by corporate and private foundations and contributions by viewers like you.
Foundations are tax shelters. So in effect, public TV is paid for by what otherwise would be tax monies, and by the public who believe public TV is non profit… well, of course technically it is non-profit, but that just means they spend everything they get on salaries, and other business expenses including capital investments, bonuses, insurance etc…
Where would all those great programs like NOVA and the like go if there were no public TV? The DVD market, or commercial TV: then you could watch them for “free”.
At least for profit businesses don’t pretend to not be in for the money.