African pay-TV operator Econet Media has put its struggling satellite broadcasting business under administration, it says.
Joseph Hundah, Econet Media’s CEO, said Econet’s pay-TV company, which operates under the “Kwese” brand name, will soon begin talks with creditors to rescue the business.
Econet Media reportedly racked up more than US$130 million in external liabilities and was unable to pay suppliers. The company has appointed accountants Ernest & Young to manage the process.
Kwese TV which launched in 2014 in more than 10 African countries has struggled to succeed in a market dominated by Africa’s largest pay-TV operator, MultiChoice, owners of DStv.
In November 2018, the company abandoned its initial model and turned its concentration to free-to-air content distribution, a service that will continent to operate in Africa.
Strive Masiyiwa, 58, currently has a net worth FORBES estimates at $2.8 billion.
