BusinessLive reports that the SA Broadcasting Corporation’s (SABC’s) financial situation is becoming more dire by the day. The SABC board told the National Assembly’s communications committee on Tuesday that it was unable to meet some of the corporation’s monthly financial obligations.
As at 15 August‚ the public broadcaster owed its creditors R694m with further accruals of R475m — but with only R26m anticipated to be in the bank by the end of the month. Board chair Bongumusa Makhathini said it was prioritising salaries and paying freelancers, but struggling to meet a lot of the monthly financial obligations. Newly appointed group CEO Madoda Mxakwe said the broadcaster needed an intervention and had been "engaging with the Treasury" to ensure it got the funding. "Indeed, if you look at our business model and financial model, we are able to generate revenue, but because of all the historical issues we face we are not able to operate a proper business as such‚" said Mxakwe.
- Read this report by Andisiwe Makinana in full at BusinessLive
- Read too, SABC too broke to broadcast Bafana matches but has money for EPL, at Timeslive
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