South African pay-television operator TopTV’s launch of porn channels has been delayed by its ongoing business rescue process, according to a Sunday Times report.
HumanIPO reported in April the Independent Communications Authority of South Africa (ICASA) had given TopTV permission to broadcast three adult channels following a public consultation, signalling a reversal of last year’s decision to block the channels.
The launch of the channels – which will be offered as a “separate, stand-alone package” – has however been delayed, according to the Sunday Times, as TopTV is yet to enact a rescue plan that will see StarTimes acquire a portion of the struggling company.
HumanIPO reported in May how StarTimes had won the bid for On Digital Media’s (ODM’s) TopTV, blocking a last minute move from MultiChoice to keep the pay-television provider in local hands.
Peter van den Steen, ODM’s business rescue practitioner, told the Sunday Times the complicated nature of the rescue plan was making its enactment take longer than expected.
“A consulting agreement between [On Digital Media] and StarTimes has been prepared and is almost ready for signature,” the paper quoted van den Steen as saying.
“A funding agreement has also been prepared that will allow StarTimes to provide ongoing working capital funding to On Digital Media. This will be signed once all the other agreements have been signed, in order to minimise the risk to StarTimes.”
