JOHANNESBURG - The Public broadcaster is planning a mass retrenchment exercise.
SABC says it plans to lay off some 2,200 staff members.
WATCH: SABC briefing on finances
CEO Mxakwe Madoda said the company is technically insolvent and can no longer sustain its workforce.
Madoda at SABC media briefing said, “we have a choice do we do what is right, or do you let the SABC collapse”.
The retrenchment plan will see 981 staffers and 1200 freelancers lose their positions.
Madoda pledged to form an organisation that is financially sustainable.
The SABC's chief financial officer Yolande van Biljon said all channels are not meeting their performance targets, so advertising revenue is far below projections, mostly because of bad content and lack of money to acquire content.
“Investment in content had to be curtailed to fit into the resources. We're unable to secure audience share, we're unable to secure advertising,” said Biljon.
Chief operations officer Chris Maroleng said interventions are being implemented to “claw back revenue”.
“What we should be looking at isn't necessarily looking at cutting down on content but at ensuring that we generate the ability to make more content around smart partnerships with our content providers.”