Fiji TV revenue to decline with sale of Sky Pacific
September 24, 2015 10:00 pm
Fiji Television Limited revenue will decline by a minimum of fifty per cent with the sale of its Sky Pacific business.
However, the company is confident profitability is likely to improve in the future.
The company says on average Sky Pacific accounts for fifty per cent of Fiji TV revenue and provides negative contribution.
The business was sold to Digicel Fiji Limited for a sum of five point seven five million dollars.
A market announcement says the completion of the sale is subject to regulatory approval.
The Fiji TV Board says it made a decision in the best interest of the company to divest Sky Pacific considering the potential future income, value of assets and possible capital investments required for expansion.
Fiji TV received six expressions of interest from potential bidders for Sky Pacific.
The company says it will now focus on its core business of free-to-air television business.