Thursday, 10 January 2008
Music Center: YLE Quits
"The Finnish Broadcasting Company (YLE) confirmed at an extraordinary meeting between the shareholders of a holding company on Thursday that it would not extend its participation in the mired Helsinki Music Centre construction project."
"Although YLE will continue to be a shareholder in the company, the decision leaves a gaping whole in the funding of the Music Centre, with the government having pledged to fund half and Helsinki a quarter of the costs."
"Private investors are hoped to take YLE's place. The public broadcaster, which wishes to lease some of the building, has yet to reach agreement with potential investors."
YLE quit because it's expensive to buy anything build today. YLE story is just another sign highlighting the "illness" in the housing market in general. A doctor will say : "Irrational" is the patient state and he will add "maybe it's in terminal phase unless a shock treatment is applied". Indeed a therapie is needed to erase 10 years of Euphoria. The US is now going through that therapie...
Nevertheless let's watch whether the government is ready to inject more money in Music instead in much needed hospital or road infrastructure...