Cape Town - Shareholders have voted overwhelmingly for the rescue plan of Chinese consortium StarTimes to take over TopTV, Mail & Gaurdian reported.
The rescue plan involves StarTimes paying out TopTV creditors including Disney, Warner and Fox International, who are reportedly owed an estimated R1.4bn.
StarTimes will also be tasked with restructuring the embattled pay-TV network.
According to the M&G report, StarTimes has operations in 16 African countries, existing infrastructure deals and around 7 million pay-TV subscribers in China.
StarTimes beat out other bidders including Kenyan pay-TV operator Wanachi Group and Dynamic TV, which was backed by Multichoice. The DStv pay-channel giant put itself forward as the financial backer in an 11th-hour move aimed at keeping the pay-TV service in South African hands.
StarTimes is unable to own more than 20% in terms of the Electronic Communications Act.
Last week TopTV secured permission from Icasa to screen adult content on three of its channels.
The move was part of its strategy to save the struggling company.