Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Wider than a Bok: LG’s new 100-inch QNED TV brings the big screen home

      9 July 2025

      Cape Town fintech Stitch in another blockbuster acquisition

      9 July 2025

      Apple is said to be eyeing Formula 1 broadcast rights

      9 July 2025

      Vodacom, Maziv deal now looks likely after CompCom U-turn

      8 July 2025

      Icasa publishes new draft regulations for digital TV

      8 July 2025
    • World

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025

      Grammarly acquires e-mail start-up Superhuman

      1 July 2025

      Apple considers ditching its own AI in Siri overhaul

      1 July 2025

      Jony Ive’s first AI gadget could be … a pen

      30 June 2025

      Bumper orders for Xiaomi’s YU7 SUV heighten threat to Tesla

      27 June 2025
    • In-depth

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025
    • TCS

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025

      TCS+ | First Distribution on data governance in hybrid cloud environments

      27 June 2025
    • Opinion

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » News » Taxpayers to fork out up to R1,5bn to rescue SABC

    Taxpayers to fork out up to R1,5bn to rescue SABC

    By Editor24 November 2009
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    SABC logoThe SABC will receive a bailout of more than R1bn, communications minister Siphiwe Nyanda said on Tuesday.

    “We hope that the financial injection by government will help the SABC meet its urgent needs, such as payment of outstanding debts and other matters of priority,” Nyanda said in a statement.

    Finance minister Pravin Gordhan approved the cash-strapped public broadcaster’s application for a government guarantee of R1,5bn.

    According to national treasury, a “draw-down” of R1bn would be made available immediately.

    “Through newly introduced tight control measures that include regular management reports, the shareholder will ensure that the money given to the public broadcaster is utilised properly and to settle urgent outstanding financial obligations,” the statement read.

    The remaining R473m would be subject to the broadcaster presenting a plan with clear revenue targets and cost cutting measures, to enable effective oversight and monitoring.

    Nyanda thanked Gordhan and the SABC board for their work. “The SABC is a national asset that needs to be guarded with jealousy by those put in charge of looking after it on behalf of
    all South Africans.”

    Earlier this month, parliament’s communications portfolio committee was told by the SABC interim board that the ailing broadcaster would begin turning a profit by 2012. The broadcaster planned to repay all its debts by the end of the 2014 financial year.

    It was granted R200m by treasury in October. The SABC would get this between November and March next year and pay for commissioned local content.

    Its application for the five-year government guarantee of R1,5bn would “allow the corporation to borrow money from institutions”.

    The committee heard that the corporation’s losses stood at R910m, but this figure was expected to start dropping.

    The SABC had also run an overdraft of between R580m and R600m since March, the start of the current financial year.

    Cost-cutting measures and a turnaround strategy implemented by the interim board in the past four-and-a-half months had saved the corporation about R65m.  — Sapa

    • Subscribe to our free daily newsletter
    • Follow us on Twitter


    SABC Siphiwe Nyanda
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleTelkom to push for regulatory advantage in mobile
    Next Article Rim launches BlackBerry application store in SA

    Related Posts

    Icasa publishes new draft regulations for digital TV

    8 July 2025

    Hiking TV licence fees won’t solve the SABC’s funding crisis

    29 May 2025

    SABC Plus tops a million registered users

    8 May 2025
    Company News

    Huawei South Africa Partners Forum 2025: joining hands for a digital, intelligent future

    8 July 2025

    Powering South Africa’s industrial intelligence with Huawei Cloud’s AI-native innovations

    8 July 2025

    Rain launches a new way to connect. It’s a loop

    8 July 2025
    Opinion

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.