Thu Sep 26 13:25:40 UTC 2024: ## Virgin Media Surpasses RTÉ as Top Recipient of Global Media Fund

**Dublin, Ireland -** Virgin Media Television has been awarded €400,000 over the next two years from the government’s Global Media Fund, surpassing RTÉ as the biggest net recipient of funds from the scheme. The award comes as Virgin Media reported a 7% increase in revenue to €59.17 million in 2023, driven by growth in digital advertising.

Despite the revenue growth, Virgin Media reported a loss of €578,000 for the year, a significant improvement from the €6.1 million loss recorded in 2022. The station has attributed the improved performance to cost-cutting measures, including a reduction in staff numbers and wages.

The Global Media Fund, established by the Department of Foreign Affairs, aims to provide the public with better information about major geopolitical events. The department has awarded Virgin Media €200,000 annually for the past two years and will continue this funding through 2025.

The Journal, an online news outlet, will also receive €103,000 annually for the next two years. Previously, RTÉ was the primary beneficiary of the fund, receiving €360,000 in 2022. This funding enabled RTÉ to appoint international correspondents in New York, Warsaw, and Nairobi.

Virgin Media management has criticized the government’s recent decision to commit €725 million in public funds to RTÉ over the next three years, while leaving the TV licence fee unchanged. The station has expressed concerns about the potential impact on the broadcasting market.

The Department of Foreign Affairs has emphasized the fund’s commitment to editorial independence and its role in supporting the capacity of Irish media outlets to engage in international reporting. Media organizations receiving funding are required to submit annual reports detailing their output.

Read More