Telkom has finally sold its interest in payTV company Telkom Media – to little-known Shenzhen Media South Africa. The purchase price hasn't been divulged but Telkom says it was "nominal".
Shenzen Media South Africa seems to be the local arm of Shenzhen Media, which runs radio stations and subscription satellite television channels in China.
Telkom Media won a payTV licence, which would allow it to compete with incumbent Multichoice two years ago. At that time, five companies were granted licences to offer payTV content.
Since then, Telkom has invested an estimated R326-million in the company, which has failed to move any further in offering payTV services.
The other stakeholders in Telkom Media are Videovision, MSG Afrika and WDB Investment Holdings, which own 34% of the company between them.