On 13 August 2019, the Communications Commission received an application for broadcasting authorisation from Formula Ltd. The Commission examined the submitted documents and found several mandatory pieces of information to be missing. Formula have already been informed about this issue. In accordance with the legislation, the company has been given five working days to correct the errors.

The documents submitted by the company contained the following errors: the application did not contain a broadcasting brand name; information about funding sources is incomplete – specifically, the company does not indicate which financial assets it intends to use to start broadcasting. The financial plan only includes the revenues that the company expects to collect after it starts broadcasting.

Furthermore, while the documents submitted by the company state the costs of broadcasting via multiplex, cable networks and internet, the company does not indicate the dates on which it intends to start broadcasting on these platforms. The company does not indicate how it plans to cover the aforementioned costs. Moreover, the documents do not include a contract or letter of agreement with Stereo+ Ltd. regarding the availability of multiplex resources. Similarly, the contract with the satellite and cable network operator is missing.

Another error concerns information about basic capital, which must be verified by supplying the appropriate document. The same applies to the statement about assets and liabilities. 

In accordance with the legislation, Formula Ltd. has been given five working days to correct the aforementioned errors. Once the documents are brought in line with the legislation, the company will be issued with broadcasting authorisation in the space of ten working days. Should the company fail to provide the aforementioned documents within five working days, it will have the opportunity to submit a new application for broadcasting authorisation that is free from the errors listed above.