In the context of increasing financial uncertainty for the public service media (PSM) in Serbia, and criticism on its attitudes such as clientelism and political paternalism, the questions of management efficiency of public service broadcasting (PSB) companies and their success in providing quality services are more difficult to answer than ever. The paper analyses the key aspects of the crisis that regional PSB Radio televizija Vojvodine – RTV (Vojvodina Broadcasting Company) has faced since 2005, drawing attention to the lack of strategic performance management over the years. The general framework of the distinguished authors’ ideas on the nature and causes of the crisis of European PSBs is provided by comparing those supporting the survival of the PSBs as the “public good” mediating “public values”, with the ones criticising severely the “privileged” market position and “continuous state assistance”.