According to a recent report by the City Press, the South African Broadcasting Corporation (SABC) owes over R100 million to 64 companies. R90 million of the debt is owed to independent television producers. Given that there’s been such a drastic decline in audience members and advertising revenue, it may be some time before all the debt is honoured.
But, hey, Hlaudi got paid, and in all probability, it may have been his actions as former COO which set this wrecking ball in motion.
Hlaudi Motsoeneng was fired from his position last year for dragging the broadcaster through the mud and making a couple of really poor business decisions. One of these included implementing a 90% local music quota on our radio stations, which really put a dent in advertising revenue.
The current SABC executives are reportedly working on a payment plan for August, but with regards to a long-term survival strategy, there doesn’t appear to be one, and it’s just not looking very hopeful.
In speaking to the City Press, a source said;