The new shareholding of Super5Media, previously known as Telkom Media, has been approved by the Independent Communications Authority of SA (Icasa). However before it will be granted a broadcast licence, Super5Media must submit a shareholders’ agreement within 60 days, together with a written undertaking that it will not contravene the foreign ownership limit of 20%.
Super5Media is 75% owned by Chinese-led consortium Shenzhen Media. Of that 75 percent, 80% is owned by Imbani Media and 20% by Sino-Africa DG.
Super5Media spokesman Chris van Zyl said the company had complied with all regulations in terms of the sales agreement between Telkom and Shenzhen Media and had a licence to broadcast.
There was an outcry last August when Telkom sold its shares in its pay-TV operation Telkom Media to the Chinese consortium Shenzhen Media which automatically provided it with a subscription TV licence.
It is expected that Icasa’s decision to approve Super5Media’s shareholding changes and to issue it with a licence will be challenged by competitors.
