Financially Embattled SABC Declares Massive Revenue Loss For 2016/17
This recent loss more than doubles the loss recorded in 2016 because of its continuing financial meltdown resulting in the dissolution of the permanent board in the same year.
Revenue decline represents a 6% year-on-year decrease; advertising dropped 5%, sponsorship revenue fell by 18% as well as a reduction of 7% in TV license revenue while operating expenses remained unchanged.
An interim board was set up by the South African president, Jacob Zuma in late March this year, led by the acting chairperson Khanyisile Kweyama; which has been lauded for attempts made to rescue the drowning organisation.
A new board comprising of non-executive members has been set up and awaits the approval of President Zuma.