‘Debt-free’ SABC to lose R1.5bn due to Covid-19, parliament hears

The SABC is “conservatively” projecting a budget shortfall of R1.5bn in the current financial year as its advertising revenue drops significantly due to the economic impact of Covid-19.

This was revealed to MPs on Tuesday night by SABC board chairperson Bongimusa Makhathini and group CEO Madoda Mxakwe during a meeting with the National Assembly’s portfolio committee on communications.

Mxakwe said the SABC clients and regular advertiser have been withdrawing their ad spend and other income streams such as sponsorships as they battled to trade during the national lockdown.

https://www.google.com/amp/s/www.timeslive.co.za/amp/politics/2020-05-19-debt-free-sabc-to-lose-r15bn-due-to-covid-19-parliament-hears/