13:14 01.12.2016

3s.tv Schuster channel announces closure from January 1, 2017 due to lack of funds

2 min read
3s.tv Schuster channel announces closure from January 1, 2017 due to lack of funds

Savik Shuster’s channel which started broadcasting in September 2015, says it will go off air from January 1, 2017, if it fails to attract additional investors, the message on its website said on Thursday.

"We will have to say goodbye to our favorite occupation, because we have run out of money," the release says.

Shuster and the television team tried to prove that the television which doesn’t belong to Ukrainian oligarchs was viable.

"The situation at the media market of our country has been brought to the point of absurdity: all channels operate at a loss. They exist only because of their oligarch owners. In these conditions our attempt to work according to normal corporate business rules was unsuccessful. We have faced criminal charges and tax penalties, while Savik Shuster has been deprived of work permit," the document says.

The channel says the show managed to attract 20,000 subscribers during the year, but revenues covered only transmission costs via satellite and cable.

According to the information posted on the site, Canadian citizen Savik Shuster owns 50% of the limited liability company TV and Radio Company World Information Service. Pavlo Yelizarov owns 40%, and Olena Demchuk - 1%, while 9% belong to World Information Service, Ltd.

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