Final Word from Monday, June 24, 2002
When Vladimír Železný hijacked TV Nova on Aug. 5, 1999, it didn't take long for advertisers and bankers to come running to his side. Nova was too big and too important for them to shun it. Železný's announcement on Sat. that banks are calling, or are about to call, Nova's loans demonstrates how risky betting on Železný was. TV Nova could now fail, Železný said, and he asked Nova's bankers to be patient. Bankruptcy seems unlikely, but officials from Česká spořitelna, ABN Amro and other creditors might soon be running Nova. What creditors, advertisers and viewers need is an outsider on the inside who can reconcile all the conflicting interests and put the station back on the right foot. Ex-CEO Ivo Mathé of Czech Television and ex-President Gabriel Eichler of VSŽ Košice come to mind. The choice of the next CEO is crucial for TV Nova's future.