Staff and management of 2M, Morocco's most watched television channel are in shock this week after the publishing of disastrous results delivered by the Court of Accounts which have earned 2M "a zero in management". This was followed by the refusal of the state and the SNI, a 20% shareholder, to come to the rescue of 2M, through a ninth recapitalisation which is said to be vital in the short term
Fact File: 2M TV is a Moroccan television service. It was established by the royal-owned conglomerate, ONA, before being partly sold to the Moroccan state. Today 20.7% of 2M is owned by Mohammed VI's holding company SNI. Approximately 60% is controlled by the Moroccan state. 2M is based in Casablanca. It is available free of charge locally on digital signal with coverage over all Morocco and on satellite television via Globecast, Nilesat and Arabsat. 2M offers services in Arabic, French, and Tamazight (Berber).Local reports say the situation is serious and "unless there is a miracle it is hard to see how the chain can recover". This miracle can only come from the king, who according to media reports, could ask the government to to make an extra effort to keep 2M alive with an infusion of funds.
Many observers have been hoping for a proposal to to invest from a private operator, a possibility often considered by the state, which has disbursed colossal sums without hope to recover its investments. Without an injection of fresh capital. the future of 2M looks bleak.