SABC records another loss in its battle to stay afloat
The public broadcaster is struggling to convince the Treasury to bail it out
The SABC appears to be fighting a losing battle in its bid to tackle its dire financial situation, with the public broadcaster posting a R192.3m loss in the first quarter of the 2019/2020 financial year.
As it stands, the SABC is technically insolvent. Its dwindling revenue means it is unable to service debt of almost R2bn, and it could be forced to switch off its cameras and microphones. It has requested a R3.2bn government guarantee to stay afloat and pay off some of its debt, but its bid for funding has so far been unsuccessful, largely due to its failure to meet some of the Treasury’s conditions.