StarTimes Wins Bid for TopTV

Chinese consortium StarTimes has won the bid for pay television service Top TV after shareholders and creditors voted on the matter in Sandton on Tuesday.

TopTV was launched by On Digital Media in May 2010 as a cheaper rival to DStv but has struggled to attract the 500,000 subscribers required to break even. As such, it is desperate to secure a financial backer after owner On Digital Media (ODM) entered business rescue proceedings last October.

TopTV’s business rescue practitioner Peter van den Steen said TopTV’s content providers, fearing they would not get paid, indicated they could pull content if the pay television service did not find a buyer on Tuesday.

Kenyan pay TV operator Wananchi Group had also submitted an unsolicited offer on Monday.

[Business Report]