SABC on the brink of bankruptcy

Communications Minister Stella Ndabeni-Abrahams has confirmed that Treasury will provide interim relief to the SABC. Courtesy #DStv403

JOHANNESBURG - The SABC will be functionally insolvent by the end of the month if nothing is done about the public broadcaster's dire financial situation.

This is according to CEO Madoda Mxakwe as he briefed parliament's portfolio committee, on the broadcaster's turnaround strategy on Tuesday. 

READ: Union wants SABC board to be disbanded 

The SABC has appealed to government for a bailout, which is yet to be approved.

Mxakwe told the committee the broadcaster forecasts a net loss of R568-million this year.

But Communications Minister Stella Ndabeni-Abrahams says it won’t come down to that.

The SABC will get a lifeline from the government. Courtesy #DStv403

Source
eNCA