Producciones Audiovisuales Hispania, SA, a company founded in May 2021 by brothers José and Jaime Alonso, owners of television channel 7NN, has announced that it will cease operations by the end of this March. This is the Vox orbiting channel that signed Toni Cantó in September 2022 when he left his post as General Manager of the Spanish office.
The company said in a statement that the “excessive spending” (without the corresponding revenue) has made a project “unfeasible” that its managers say has filled a key information gap in Spain. “The management changes made in recent months have not been able to reverse the economic deterioration that has been achieved,” he adds. In this sense, she points out that the long-standing “complicated economic situation” has prompted her Board of Directors to carry out an orderly closure.
He explains that since it began broadcasting, 7NN has spent capital (more than five and a half million euros) without receiving a “minimum guarantee of future revenue” and points out that the original management team was “more focused on trying a developing a good TV product on a visual level than building a sustainable business model”. “This caused the chain’s monthly expenses to skyrocket with no logic to the meager revenues that were generated,” adds Producciones Audiovisuales Hispania, SA
Last December 2022, the Alonso brothers Marcos de Quinto gave their entry into the stake, with the intention of giving a new perspective to the “difficult situation” in which the chain found itself, as they explain. However, they point out that the subsequent incorporation of Fernando Quintela into the Executive Board in February 2023 and the urgent cost adjustment plan adopted were not enough to reverse the situation.
“After the project was declared unfeasible as conceived by the previous management, there was only one tough but professional decision: to proceed with the orderly completion of the project,” he adds. The chain’s three shareholders, who declare that they have lost all their capital in these two years, appreciate the work and commitment of all those professionals who “worked honestly on this failed project”.
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