‘Business rescue’: Top SA player can help Toptv

2012-11-02 00:00

ON Digital Media, which is running the TopTV pay-TV platform in SA, has gone into “business rescue” under the Companies Act, saying that the pay-TV company urgently needs cash — preferably from a South African industry player.

The company said that “it is still very much business as usual at TopTV”.

TopTV, which started a turnaround with new interim CEO Eddie Mbalo, said the bottom line of the struggling pay-TV business has improved.

TopTV is facing financial difficulty and needs business rescue under section 129 of the Companies Act to “provide a protective bubble around the company and buy it some time to complete the search for a strategic equity partner”.

The company said that it will continue to function as normal, but refers to operating its pay-TV business as “continuing our battle”.

South Africa’s second pay-TV business started its commercial operations in May 2010.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.