Treasurer defends NJN/WNET deal

State Treasurer Andrew Sidamon-Eristoff said today the state will submit complete details of the proposed NJN/WNET deal on June 13

State Treasurer Andrew Sidamon-Eristoff said today the state will submit complete details of the proposed NJN/WNET deal on June 13 to the Legislature.

He said that the state’s current fiscal crisis and the “multibillion dollar drop in annual revenue’’ since 2008 necessitated examining solutions such as this deal.

He said NJN’s infrastructure have not kept pace with the rapidly evolving technology such as streaming Internet, cable channel expansion and the advent of satellite radio, which have altered the business of media.

He said state revenue dedicated to NJN have fallen by 50 percent over the last 20 years.

In addition, he said the Civil Service rules and collective bargaining were not designed for the “specialized media fields’’ in which NJN is engaged.

He said the audience for the nightly 6 p.m. newscast is about 20,000 people, showing that its viewership.

He said Montclair State, which was interested in NJN as well, did not have the necessary capacity and experience to take over a full schedule of TV broadcasting.

He also said he expects the deal will be signed by WNET by the end of this week.

Treasurer defends NJN/WNET deal