JOHANNESBURG – Communications Minister Stella Ndabeni-Abrahams has announced that the South African Broadcasting Corporation (SABC) will receive a bailout of R3.2 billion from National Treasury.
Ndabeni-Abrahams made the announcement at a media briefing in Tshwane on Friday morning.
The minister said R2.1 billion would be transferred to the SABC on Monday while the broadcaster would the R1.1 billion once all the conditions were met.
The public broadcaster announced this week it had met government’s pre-conditions for the bailout. The SABC needed about R3.2 billion from National Treasury.
One of the requirements Treasury wanted from the cash strapped public broadcaster was the appointment of a restructuring officer to lead a turnaround strategy.
More to follow.
WATCH: Ndabeni-Abrahams announces SABC bailout
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