(MENAFN) Television stations in Lebanon posted USD50m losses in 2014 due to a decline in annual advertising revenues, according to the chairman and CEO of Tele Liban, The Daily Star reported.
The wide deficit between TV stations' revenues and their expenses was due to Lebanese TV stations trying to compete with international cable networks by spending huge amounts of money.
"Total expenses of television stations in Lebanon reached USD110 million in 2014 while their revenues amounted to only USD60 million, which left them with a deficit of USD50 million," he said in a statement.
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