Barca TV set to end after 24 years in cost-cutting measures

Barcelona are set to end their television channel Barca TV after 24 years, with the club saying they will not renew their contract with provider Telefonica in a statement Thursday. Reports in Spanish media say the move is part of cost-cutting measures given the club’s troubled economic state, with a source close to the channel telling AFP around 130 people were set to lose jobs. “Barcelona have told provider TBSC Telefonica, the company that manages the club’s television channel, Barca TV, they will not renew the contract for their services, which ends on June 30, 2023,” said Barcelona. Read | **Barcelona predict profit of €274 million for 2022-23 season** The channel began in July 1999 during president Josep Lluis Nunez’s reign. Spanish media report the club may use their production company Barca Studios to create online streaming content as a replacement. Barcelona sold two 24.5 percent stakes in Barca Studios to Orpheus Media and Socios.com to raise around 200 million euros ($220 million), which they used to sign players including striker Robert Lewandowski last summer. The club need to significantly reduce expenditure to meet LaLiga financial fair play rules this summer, to be able to continue making new signings — including the potential return of Lionel Messi . Read all the Latest News , Trending News ,  Cricket News , Bollywood News ,  India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.