Real estate company Willbrook and Sorin Freciu to take over Money Channel

Willbrook will become investor in Romanian business TV station The Money Channel, a TV station that would see its management taken over by Sorin Freciu, following a deal brokered this afternoon between the company and Freciu, according to Paginademedia.ro.

According to the same source, the employees from The Money Channel will also cash in their salaries, that weren’t paid for a while.

The management take over comes days after Dragos Nedelcu quitted from the position of Vice President of Realitatea Media, saying the reason was the impossibility to respect the promise to pay TV’s employees at the beginning of this week.
According to DailyBusiness.ro and Mediafax.ro, Elan Schwartzenberg also stated that the things are heading towards normality at Money Channel on Wednesday, statement made after a discussion with Sorin Freciu.

The Money Channel (business TV station part of Realitatea Media group) management was scheduled to be taken over on June 1st by Media Advertising & Sales, company managed by Dragos Nedelcu and Sorin Freciu. The move didn’t happen until August and, on August 8th, Nedelcu announced he quits both The Money Channel and the board of Realitatea Media

According to Nedelcu, quoted by Mediafax, The Money Channel needs an important cash injection in order to reach close to a profitability margin.

On the other hand, Sorin Freciu said, Tuesday, that he is talking to an investor for The Money Channel and, depending on talks results, he would make a decision regarding taking over the management or not.