Spanish public broadcaster, RTVE, lost €37.8 million in 2015 and ended the year with its worst audience rating, 9.8 per cent for La 1 versus 14.7 per cent in 2011.

The company argued that the losses were the result of “insufficent revenues” urging the government to compensate it via state subsidies as the TV group is now banned from selling advertising.

RTVE forecasts that 2016 will be a good financial year and aims to balance its accounts by the end of the year.

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