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MultiChoice backs R500m TopTV rescue bid

Apr 30 2013 10:24

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Cape Town - MultiChoice, owned by Naspers, has confirmed rumours that it will fork out R500m for a loan to buy out troubled pay-television rival TopTV, reports BDlive.

The DStv pay-channel giant put itself forward as the financial backer in an 11th-hour move that may block Chinese consortium StarTimes and so keep the pay-TV service in South African hands, according to the website.

The MultiChoice offer involves an empowerment consortium under the name Dynamic TV, which includes Given Mkhari's MSG Afrika Media Group as well as Malose Kekana of Falk Trading, businessman Mkhari confirmed on Monday.

MultiChoice CEO Imtiaz Patel brushed off the matter of potential competition issues, saying the deal is a "tangible demonstration of MultiChoice’s ongoing commitment to enterprise development and empowerment".

According to Sapa, MSG Afrika Media is a black-owned media and communications group with interests in radio, advertising, and television production. Falk Trading Proprietary is wholly owned by the Kekana Trust.

*Fin24 is owned by Naspers.

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naspers  |  multichoice  |  toptv
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