Morocco's two public television operators, SNRT and SOREAD-2M, recorded significant net losses in 2025. SNRT's net loss stood at MAD 131 million, while SOREAD-2M's net loss was MAD 356 million, resulting in a combined loss of MAD 487 million. The losses were reported despite the operators receiving public funding and capital measures from the Moroccan state.
SNRT recorded a turnover of MAD 672 million in 2025, representing a 53% increase from MAD 439 million in 2024. The increase was primarily due to higher receipts from the tax levied to promote the audiovisual landscape, which reached MAD 428 million. Additionally, SNRT received MAD 155.5 million from the recovery of arrears owed by the National Office of Electricity and Drinking Water for the 2022-2024 period.
SNRT received significant direct budget support from the state, with an allocation of MAD 1,502 million in 2025. This made it one of the top beneficiaries of the MAD 19,452 million channeled to commercial-type public entities that year. Despite the revenue growth, SNRT's net result remained negative, but narrowed by 68% from the previous year.
SOREAD-2M, the operator of the 2M channel, maintained a significant audience share of around 25% in 2025. However, its commercial income declined, and the company recorded a turnover of MAD 375 million, a 10% drop from 2024. The net result settled at minus MAD 356 million, while the operating result stood at minus MAD 303 million.
To keep SOREAD-2M afloat, the state intervened directly on its balance sheet, carrying out a capital increase of MAD 1,102 million in 2025. This measure lifted the company's share capital from MAD 359 million to MAD 1,461 million through the conversion of debts owed to the state.
The Moroccan state is reorganizing its broadcasters into a single public audiovisual pole built around SNRT as the parent company. SNRT acquired Medi1 Radio and Medi1 TV in 2024, followed by the transfer of the state's stakes in SOREAD-2M to SNRT on April 24, 2026. This consolidation aims to strengthen integration and synergy among the sector's public bodies.
The report frames the consolidation as a way to improve governance, clarify the economic model, and set the public audiovisual service on a more sustainable path. The target vision for the pole includes a gradual course, with the first phase aiming to activate synergies through a unified advertising management agency and suitable governance arrangements.
Key points
- SNRT and 2M reported combined net losses of MAD 487 million in 2025.
- The Moroccan state provided significant support to the operators, including direct budget allocations and capital increases.
- The state is reorganizing its broadcasters into a single public audiovisual pole built around SNRT as the parent company.
