CANA Shuts Down; Is it Temporary?

The Caribbean Media Corporation (CMC), which owned and operated CANA Radio, CANA Wire and CBU television services, has shut down operations because of financial difficulties.

While the shutdown announcement is being described as "temporary", the fact that 50 of the company's 54 employees were laid off means the financial situation there was somewhat out of control. CMC was headquartered in Barbados.

CMC was responsible for radio and television coverage of the West Indies cricket team and provided feeds for major sporting events in the Caribbean, including the Olympic games and World Cup football.

Here is the full text of the CMC announcement:

"The Board of Directors of the Caribbean Media Corporation wishes to advise that our operations are being temporarily closed for re-structuring as of Friday January 4, 2002 at 4.30 p.m.

The urgent financial re-structuring is occasioned by a significant decline in business activities, particularly in the last few months.

Fifty of the fifty-four members of staff employed to the organization are being laid off. A small team of four is being retained to work on the speedy re-structuring of the organization.

The team will also work to ensure that committed media projects will not be jeopardized in the period of closure.

The CMC has for the past 17 months been the region?s first and only multi-media (print, radio, television and Internet) entity, having been formed to undertake the business operations of CANA and CBU.

It?s temporary closure means the suspension of services of CANA Radio, CANA Wire and CBU television services.

The Board wishes to advise that the temporary closure decision was not taken lightly and has come after months of efforts to re-finance, re-structure and re-capitalise the organization while continuing regular operations.

It says help from banks, shareholders and some governments in the region was sought before coming to this decision.

The Board says it regrets that the region?s only source of indigenous news and programming has had to be suspended, and it looks forward to when it will return to stronger and expanded operations."