JOHANNESBURG – The South African Broadcasting Corporation (SABC) has announced that it will be issuing notices of termination of lease agreements to its employees and non employees who are renting its properties which it intends to sell through a public auction to raise money to keep it afloat.
The notices, according to a statement issued on Friday morning , will be effective from December 1 2020, and tenants would be granted an opportunity for an extension of their lease agreements beyond their expiry date.
The broadcaster is currently engaged in protracted negotiations with the unions over its decisions lay off over 400 employees to rescue its ailing finances.
In the same statement, the SABC said the decision to dump their properties was part of its turnaround strategy and operating model to ensure that it was able to focus on investing in relevant assets that were inline with its core business.
“The selling of non-core assets will also assist in the much needed cash injection, required for the SABC to become and remain financially sustainable,” said Yolande van Biljon, the SABC’s Chief Financial Officer (CFO).
With interests in TV, radio and digital, it’s not clear what area of broadcasting the SABC intends to venture in.
The public broadcaster said an announcement will be made in due course to communicate the date of the public auction.
The SABC said it will make a formal announcement for the date of the public auction and will keep the public informed on any related information pertaining to this process through its respective radio, television and online platforms.