GTV subscribers in Botswana had a shock of their lives on Friday when they switched on their television sets to find a short message telling them that the channel had gone off air.
GTV’s board of directors on Friday unanimously resolved to liquidate the company with immediate effect.
Gateway Broadcast Services, suppliers of the GTV service to subscribers across Africa, has, over the last 2 years, invested a total of US$200 million and created jobs and competition in 22 markets. The economic crisis that has emerged globally over the last few months has caused excessive demands on the business, stated a press statement from the board in the UK.
With immediate effect the service will be withdrawn.
“Increased instability in global markets interrupted our ability to secure funding and left us no choice but to cease operations,” said a company spokesman.
“We have tried every possible step but we are all unfortunate victims of the global economic crisis.”
The defunct company supplied programmes to countries from Kenya to Botswana.
Fans who had hitherto watched the English Premier League on the station will have to find another source of information this weekend, and in the future.
But it won’t be only the subscribers counting the cost.
Several African football federations and leagues will suffer the domino effect.
The company has worked extensively with external advisors and all internal resources to investigate, evaluate and analyze strategic alternatives for the Company to further continue to operate. In determining to approve the Company’s plan of Liquidation, the board and management carefully reviewed the advice and findings, stated the press release.
“Increased instability in global markets interrupted our ability to secure funding on an acceptable timescale and have left us no choice but to cease operations,” said a company spokesman.
“We realize the negative impact this has had on our loyal customers, creditors and staff, all of whom have believed in GTV and the revolution in pay TV it had created. We have tried every possible step to keep the company going but we are all the unfortunate victims of the current global economic crisis.”