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‘Continuous attacks on SABC affecting finances’

The broadcaster says its major sources of revenue, including advertising, sponsorships and TV licenses, are under pressure but it will meet its obligations.

Picture: Supplied.

CAPE TOWN - The South African Broadcasting Corporation (SABC) says continuous attacks on the corporation about its financial health have had a negative impact on its business, warning that this could lead to retrenchments.

The broadcaster says its major sources of revenue, including advertising, sponsorships and TV licenses, are under pressure but it will meet its obligations.

It's been reported that the SABC’s finances are in the red but the corporation has defended this, saying global and local economic market conditions have had a negative impact on advertising revenue in South Africa in general.

In January, the public broadcaster’s finances came into sharp focus at Parliament after an ad hoc committee looked into the organisation's fitness to hold office. The committee warned the SABC faced a possible financial crisis.

The SABC’s so-called suspicious transactions with Gupta-owned TNA media, MultiChoice and other companies, as well as the role played by Communications Minister Faith Muthambi in the public broadcaster's affairs, were also under scrutiny.

The SABC racked up more than R5 billion in irregular, fruitless and wasteful expenditure in recent years.

In February it emerged that the SABC recorded a net loss of R411 million in the 2015/16 financial year, a net asset position of R2.7 billion and cash balance of R881 million.

Acting CEO James Aguma said the loss was due to many factors, including less than 3% government funding and growth in post-retirement service costs.

(Edited by Shimoney Regter)

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