Telkom has sold its 75percent stake in its yet-to-be launched pay- TV company, Telkom Media, to an unknown company, writes Marcia Klein in The Times.
It said yesterday that, despite an earlier decision to wind up Telkom Media, it had now found a buyer, Shenzhen Media South Africa. Spokesmen for both Telkom and Telkom Media said they did not know the company.
It was previously reported that Telkom was speaking to Shenzhen Media of China, a company that owns four radio stations that broadcast news, music and talk shows.
Broadcast legislation prohibits a foreign company from holding more than 20percent, though Telkom has sold its 75percent stake to what appears to be a locally registered company of the same name. It is unclear if Shenzhen Media SA is majority owned by South Africans.
Telkom referred queries to a local spokesman for Shenzhen, who did not answer specific questions but issued a statement saying Shenzhen Media ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œis pleased to acquire in partnership with its local partners the Telkom interest in Telkom Media SAÃƒÂ¢Ã¢â€šÂ¬Ã‚Â.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œThe company has plans to be operational in the fourth quarter of 2009 and has specific objectives within the African media space,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â he said.
Telkom, which has spent more than R320-million on Telkom MediaÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s launch to date, did not disclose the selling price other than to say the amount was ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œnominalÃƒÂ¢Ã¢â€šÂ¬Ã‚Â.
Click here to read the full story, published on thetimes.co.za.