Spain’s RTVE Cuts Salaries 25% on Austerity, Economista Says

Spanish state-owned television and radio station RTVE cut the salaries for executives and star guests by 25% as it tries to reduce its budget by 200 million euros ($265.7 million), El Economista reported, citing unidentified people on the company’s board.

The cuts, which also include eliminating official cars, amount to 5 million euros, the newspaper said. Most of the remaining adjustments will come from the programming side, while the company is also in talks with the government to postpone part of the budget reduction to 2013, El Economista said.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net

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