Broadcaster closes down radio section, 19 jobs to go

September 01, 2015 in Regional

Mic-1HAMILTON, Bermuda, Sept 1, CMC – One year after VSB-11 TV channel went off the air, the owners are now closing down its radio section with the loss of 19 jobs.

DeFontes Broadcasting announced it would be closing down at the end of this month after being in operation for the past 34 years.

“In a letter given to all staff … Mr. DeFontes offered his heartfelt thanks for all their hard work and loyalty throughout the past 34 years.

“He also said, however, that the broadcasting landscape over the more recent years has created a major financial challenge and he wished that it could be otherwise, but it cannot,” a company spokesman said.

DeFontes’ VSB-11 TV channel went off the air almost exactly a year ago.

The firm blamed continuing losses due to a fall in advertising revenue and the need for massive investment in technology for the closure of the TV arm of its operations.

But the company’s radio stations, which include Mix 106FM and 1450Gold, continued to operate. DeFontes agreed in 2014 to sell the loss-making firm to businessman Spencer Conway, who was installed as interim chief executive officer

But DeFontes pulled out of the deal and took over control again after Conway failed to come up with the necessary cash to clinch the deal.