The Finance Ministry on Friday launched the a new support scheme for print media, inviting eligible applicants to submit their applications either in person or by registered post by December 13, 2024.
The new scheme falls under the de minimis state aid rules, which facilitates government programmes that provide small amounts of financial assistance to businesses without distorting competition.
According to the ministry, the scheme aims to “uphold media pluralism, safeguard freedom of expression, enhance democracy, and ensure citizens’ right to quality information“.
Specifically, the scheme seeks to “support and sustain traditional media outlets such as newspapers“.
Eligibility criteria include newspapers with nationwide circulation, published daily or weekly, registered with the press and information office.
They must also employ at least five qualified journalists who are members of the Union of Cyprus Journalists or hold press cards issued by the press and information office.
Moreover, these newspapers must feature original content of general interest and have been in circulation for at least three years, with distribution covering rural areas.
Additionally, eligible publications must have invested in expanding their digital services and be sold at all nationwide distribution points, including remote and rural areas.
The scheme also extends to press distribution agencies operating on a nationwide basis, including rural areas.
These agencies must manage a distribution network covering at least 250 points of sale in remote locations, employ at least 10 staff, and include distribution drivers.
Finally, the ministry stated that businesses remain eligible for support provided they have not reduced their workforce by more than 15 per cent compared to the previous year.
