In light of significant financial difficulties, the government has made the decision to float a tender for the long-term lease of the struggling 'Channel Eye,' which is currently owned by the State-owned Sri Lanka Rupavahini Corporation (SLRC).
The aim is to broadcast sports and entertainment programs, as the channel's airtime is currently leased on a short-term basis to the Lyca Group.
Cabinet Spokesperson and Minister of Mass Media, Bandula Gunawardena, clarified that the decision to lease Channel Eye to the Lyca Group on a short-term basis was made by the Board of Directors due to the government's inability to financially support the channel.
Although Minister Gunawardena submitted a Cabinet paper seeking approval for this decision, the Cabinet of Ministers informed him that their approval was not necessary, as the intention is to keep the channel operational without burdening the state's finances.
Gunawardena explained that the Lyca Group currently leases the airtime of Channel Eye for Rs. 25 million to broadcast sports programs. However, the SLRC retains the right to terminate the lease agreement with one month's notice.
He further highlighted that due to financial constraints, particularly related to electricity costs, the daily broadcasting time of Channel Eye has been reduced to 4-5 hours. Consequently, leasing the channel became the only viable option, with the Lyca Group being the sole party to operate it on a short-term lease basis.
Gunawardena noted that the proposal to float a tender for the long-term lease of Channel Eye, with a minimum monthly lease amount of Rs. 25 million, will be approved at the upcoming board meeting
