South Africa's Telkom Media pay-TV operator to closeWednesday, March 25th, 2009
On 31 March 2008, Telkom SA Limited (JSE and NYSE: TKG) announced its intention to significantly reduce its shareholding in Telkom Media (Proprietary) Limited.
Since the above decision, Telkom Media has reduced its operational expenses and commitments to a minimum. An extensive process to identify potential buyers of Telkom’s interest in Telkom Media has proved unsuccessful.
Telkom, a shareholder of Telkom Media, intends calling the necessary shareholder meetings to seek the approval for the winding up of Telkom Media. It is anticipated that the meeting will be held within the next 30 days.
Telkom Media was awarded a commercial broadcasting licence by the Independent Communications Authority of South Africa (ICASA) in August 2008. The licence allows Telkom Media to operate both a satellite pay-TV service and an IPTV service in South Africa.