While the SABC is still in a financial quagmire, a bailout in the form of a government guarantee remains on the horizon.<\/p>\n
“The SABC experienced a difficult first quarter [of the 2017\/2018 financial year] which was a continuation of events that materialised during the last quarter of the [2016\/2017 financial year],” reads the SABC’s report to the Portfolio Committee on Communications, delivered on Tuesday by acting SABC CEO Nomsa Philiso.<\/p>\n
“The SABC is facing a financial crisis which has seen it unable to meet its contractual commitments.<\/p>\n
“Monthly revenues\/income was lower than embedded expenditure\/costs and some service providers of vital content and services cannot be paid.”<\/p>\n
At the end of the first quarter, the SABC had outstanding debt of R597m.<\/p>\n
“Despite the corporation’s cash crises it was able to deliver high-quality public broadcasting and reap a number of awards and accolades,” reads the report.<\/p>\n
The SABC recorded a loss of R74.4m in the first three months of the financial year.<\/p>\n
The reasons for the loss were listed as a decline in commercial revenue and TV licence collections and depressed economic conditions resulting in advertiser cutbacks.<\/p>\n
SABC board chairperson Bongumusa Makhathini said the new board had hit the ground running after its appointment three weeks ago, and its members had been inducted.<\/p>\n
He said the board needed to stabilise the SABC financially.<\/p>\n
Communications Minister Mmamoloko Kubayi-Ngubane said the SABC’s submission asking Treasury for a government guarantee needed to be reworked.<\/p>\n
She said it must include an indication of how the money would be used, how the institution would be turned around and the institution’s ability to pay back the loans.<\/p>\n
DA MP Phumzile van Damme was not impressed with what she perceived to be a lack of urgency by the SABC in the face of the financial crisis.<\/p>\n
She said the presentation was very vague, had no sense of alarm and gave the impression that it was business as usual at the SABC.<\/p>\n
News24<\/a><\/strong><\/p>\n While the SABC is still in a financial quagmire, a bailout in the form of a government guarantee remains on the horizon.<\/p>\n","protected":false},"author":341004,"featured_media":173738,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[24],"tags":[11243,47152,361],"class_list":["post-236582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broadcasting","tag-financial-crisis","tag-government-bailout","tag-sabc"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/236582"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341004"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=236582"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/236582\/revisions"}],"predecessor-version":[{"id":236584,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/236582\/revisions\/236584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/173738"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=236582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=236582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=236582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Now read:\u00a0ANC blocks answers on SABC<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"