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AMSTERDAM -- SBS Broadcasting on Tuesday announced the reorganization of its Hungarian channel, TV2, and the resignation of TV2's CEO, Ferenc Tolvaly.

Tolvaly, chairman of MTM Communications, stepped down temporarily from that post when he became CEO of TV2.

Tolvaly will stay on as a consultant at the 5-year-old station, Hungary's first private commercial channel. It was his influence that helped SBS gain the license for it.

TV2 grabbed 30% of the audience share and 50% of its advertising share within a year of its launch.

Like other channels across Europe, TV2 has been squeezed by competition and a weak ad market. Once a major revenue producer, its contribution to increased revenues in the first quarter of 2002 was mainly due to the strengthening of the local currency against the dollar.

The latest move is part of SBS' cost cutting that includes slashing 1,500 jobs.