Telkom, South Africa’s largest fixed line telecoms company has announced plans to close its subsidiary, Telkom Media.
In a statement the company said: “An extensive process to identify potential buyers of Telkom’s interest in Telkom Media has proved unsuccessful,”
In order to shut down the media unit, the company would need to obtain agreement from at least 80 percent shareholders. Telkom is the majority shareholder, with a 66% stake. Other shareholders include Videovision Entertainment and WDB Investment Holdings.
The statement further indicated that all operational expenses and commitments in Telkom Media had been reduced to a minimum.
Telkom Media was formed in 2007, with the goal of being the first Internet Protocol Television (IPTV) service provider to the South African market.
