Retrenchments at e-tv parent company
Sabido Investments, the parent company of free to air channel e-tv, says it may close two loss making parts of its business and is to commence discussions with affected staff.
“The first affects the Natural History Unit and the factual division of Sabido Productions. These operations have been incurring sustained losses for many years and do not appear to have the potential to turn around in the future,” Sabido said in a statement.
The second, it said, affects the pan-Africa TV division of eNCA.
Sabido said that the closure of the news broadcast on the Sky digital platform in the UK in 2014 and the cessation of news broadcasts to the Africa Channel (UK) in early 2015 have forced a review of whether it has any other viable routes to operational sustainability and whether the Africa news service is sustainable as a separate business division.
“Discussions with personnel have commenced in both these areas. Where possible, staff have already or will be absorbed into other areas of the business where vacancies or new opportunities have opened up. Where this doesn’t happen, retrenchments will have to be considered,” it said.
“Such moves within any business are difficult for everyone, but the fundamentals of the group are good and we look forward to positive growth for the group as a whole,” Sabido said.
In October last year, Sabido, a subsidiary of Hosken Consolidated Investments (HCI), named Kevin Govender as acting chief executive, following the resignation of Marcel Golding.
Golding was initially suspended over a R24 million deal with Ellies Holdings, Bloomberg reported, citing court documents which stated that Golding purchased $2.2 million worth of shares in Ellies, allegedly without authorisation.
The deal by Golding was apparently on behalf of Sabido Investments, and was done without the authority and mandate of the HCI board.
More on Sabido and e-tv
Exec suspended over R24 million Ellies deal: report
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