StarTimes to take over TopTV

Chevron

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Now maybe we'll get some real competition.

Can't wait to see what they do.
 

Kosmik

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Just me or is it strange that the one liner headline doesn't really match the content of the article?
 

Biggie

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Here's some better journalism

TopTV shareholders accept China bid

The shareholders and creditors of troubled pay-television operator On Digital Media, which owns TopTV, have approved a business rescue plan that involves an offer by China’s StarTimes to purchase a direct 20% stake.

The required majority of creditors and shareholders voted in favour of the plan during a meeting convened by TopTV on Tuesday. More than 99% of shareholders, which include the Industrial Development Corp, Development Bank of Southern Africa, the National Empowerment Fund and European satellite operator SES, voted in favour of the rescue plan presented.

The move means two separate submissions of interest, one by a consortium led by black-owned media group MSG Afrika and the other by Kenya’s triple-play broadband and pay-TV operator Wananchi Group, have been rejected in favour of the Chinese-led proposal.

Wananchi Group submitted a bid to buy the embattled pay-TV operator on Monday night. A day earlier, a South African consortium led by MSG Afrika made a bid of its own backed by a R500m “soft” loan from TopTV rival, MultiChoice.

These bids follow the original expression of interest from StarTimes, which will now acquire the maximum 20% stake in TopTV allowed for under the Electronic Communications Act. Foreign ownership in the sector is capped to 20% under South Africa’s constitution.

TopTV owes creditors and shareholders about R1,5bn, according to documents seen by TechCentral.

Earlier this month, TopTV said it was stopping broadcast of two of its channels, Top Movies +24 and Top Junior. In December 2012, the broadcaster lost three other channels, Showtime, Silver and Star. Loss of the channels came after the company filed for a “business rescue” under the Companies Act in October 2012 and it has since been looking for an equity partner to help it settle its debts.

The bulk of TopTV’s debt consists of claims from shareholders, but the company also owes substantial amounts to content suppliers. Top of the list is Fox International, which is owed R43,8m, or 3% of TopTV’s total debt. Next is Warner at R25,4m, for 1,7% of the total. Paramount is owed R13,1m, while Manchester United Television is owed R9,5m.

TopTV also owes Walt Disney an amount of R7,2m and Turner R6,4m.

Peter van den Steen, TopTV’s appointed business rescue officer, said the newly adopted business plan was now binding on the company, on each of the creditors and every shareholder. — (c) 2013 NewsCentral Media
 

Fox1

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Actually considering getting TopTV now that the EPL season is over on DSTV.
 

Sodan

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Here's some better journalism
Thanks. That made it a lot clearer. For a moment, I thought:

It emerged this week that a black-owned consortium Dynamic TV, backed by a R500-million soft loan from MultiChoice and Kenyan based Wananchi Group, backed by a US company, submitted expressions of interest on April 24, after the business rescue plan was published on the website of On Digital Media (OMD) – the company that owns TopTV.
meant that somehow MultiChoice had gotten their dirty fingers involved in TopTV.

At least I can go to bed without having nightmares now. :D
 

rpm

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Dynamic TV's statement on the outcome of Top TV business rescue plan

Johannesburg, Wednesday, 1 May 2013 - Dynamic TV Consortium said that it had noted Tuesday's outcome of the business rescue process on On Digital Media (Pty) Ltd (“ODM”), the operator of Top TV. The consortium, comprising MSG Afrika Media and of Falk Trading had submitted an alternative bid for the pay channel.

“The creditors and shareholders have made their decision and we are studying the process, outcomes and related implications of the decisions and will pronounce on the next steps in due course", the consortium said.
 

ThinkCentre

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It is scary if Multichoice's name is slipped in somewhere because they will not give a "soft loan" for nothing!
 

senyetse

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The offer from Startimes was accepted. But there's more, the Multichoice-backed consortium are going to take it to court. Looks like Multichoice is a bit nervous.
 

xumwun

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I think it's over for them now.
A number of their channels including Discovery Science and TLC have gone off air. Apparently this is because Top TV owes them money.
 

senyetse

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I think it's over for them now.
A number of their channels including Discovery Science and TLC have gone off air. Apparently this is because Top TV owes them money.
Maybe as the current company. But I'm sure we'll see it resurrected in the near future as a new company, hopefully as something that can provide some competition to Multichoice.
 

xumwun

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Maybe as the current company. But I'm sure we'll see it resurrected in the near future as a new company, hopefully as something that can provide some competition to Multichoice.
Well whatever they're going to do they need to it like yesterday.
You can be quite sure that subscribers are already cancelling because of this.
 

Ockie

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My sister getting her decoder today. For the price she was rather happy with what we saw @ my moms place that has got TopTV. Yes...it is not the greatest...but to pay ... what is it now, R699.00 or something a month for a service that is sport bef@k is madness. There was some nice programs on TLC I think that we watched. Pitty. Lets hope it comes back.
 

senyetse

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My sister getting her decoder today. For the price she was rather happy with what we saw @ my moms place that has got TopTV. Yes...it is not the greatest...but to pay ... what is it now, R699.00 or something a month for a service that is sport bef@k is madness. There was some nice programs on TLC I think that we watched. Pitty. Lets hope it comes back.
I would n't recommend anyone getting TopTV right now. Rather wait and see what happens with the StarTimes deal. They have their own set top boxes, it may be that they can the current setup and you have to get a new one. I'll hang onto mine for now, its better than SABC and e-TV and still better (but just) than the budget bouquets on DSTV. But if they lose anymore channels then I'm going to cancel until I see an improvement. My other option is to go the internet route, but that is an expensive option if you're coming from TopTV prices and have no ADSL at home yet.
 

senyetse

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My sister getting her decoder today. For the price she was rather happy with what we saw @ my moms place that has got TopTV. Yes...it is not the greatest...but to pay ... what is it now, R699.00 or something a month for a service that is sport bef@k is madness. There was some nice programs on TLC I think that we watched. Pitty. Lets hope it comes back.
I would n't recommend anyone getting TopTV right now. Rather wait and see what happens with the StarTimes deal. They have their own set top boxes, it may be that they can the current setup and you have to get a new one. I'll hang onto mine for now, its better than SABC and e-TV and still better (but just) than the budget bouquets on DSTV. But if they lose anymore channels then I'm going to cancel until I see an improvement. My other option is to go the internet route, but that is an expensive option if you're coming from TopTV prices and have no ADSL at home yet.
 
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