South African Broadcasting Corp. to Get First Tranche of Bailout

(Bloomberg) -- South Africa’s embattled public broadcaster is to receive 2.1 billion rand ($138 million) on Oct. 7 as part of an inital tranche of a 3.2 billion rand bailout from the government.

The remaining 1.1 billion rand will be transferred to the South African Broadcasting Corp. once the public broadcaster fully meets the remaining three outstanding conditions or firmly demonstrates evidence to fully comply, the Department of Communication said in an emailed statement Friday.

The finance minister announced the funding allocation in February from reserve funds but attached preconditions. These have been jointly assessed by National Treasury and the communications department, and the SABC has fully met five, partially met two, while the remaining condition hasn’t been met.

To contact the reporter on this story: Paul Vecchiatto in Cape Town at pvecchiatto@bloomberg.net

To contact the editors responsible for this story: Alastair Reed at areed12@bloomberg.net, Jacqueline Mackenzie, Pauline Bax

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