South Africa: SABC Pays Up Debt Owed To Producers
The SABC has paid up most of the debt it owed to South African production companies that were commissioned to create content for the public broadcaster.
The Group CEO of the SABC, Madoda Mxakwe had announced in October that it owed over $109 million and would pay after it was granted a government bailout.
In a statement released earlier this week, the SABC’s acting Spokesperson, Mmoni Seapolelo, said that it had settled its debt with most of its local content commissioning production service providers as of the end of November 2019.
She added that the SABC is grateful to the local production industry for the support they gave to the SABC during its most difficult times, ensuring that the corporation kept its content on-air and retained the majority of its audiences.
The production companies had also worked closely with the TV content teams to reschedule various payment terms and change production timelines.
Now the broadcaster is in a position to focus on turning the SABC around with the acquisition of new local content, and also partner with producers in order to create a commercially viable and sustainable entity.
Credit: This article originated from www.themediaonline.co.za