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Sports Rights Hold-up For Fiji TV’s Media Niugini Sale

Fiji Television Limited has confirmed all the necessary rights  for the sale of its Papua New Guinea-based subsidiary, Media Niugini Limited, except one which is for sports. Fiji TV board
10 Jul 2015 10:11
Sports Rights Hold-up For Fiji TV’s Media Niugini Sale

Fiji Television Limited has confirmed all the necessary rights  for the sale of its Papua New Guinea-based subsidiary, Media Niugini Limited, except one which is for sports.
Fiji TV board director, Nouzab Fareed, confirmed this during a press conference yesterday.
A Sale and Purchase Agreement was signed on February 5 with Telikom PNG for 100 per cent divestment of Media Niugini.
Mr Fareed said while Media Niugini has been a cash cow for Fiji TV being a good investment, but because of competition coming into the PNG television market, they had decided to sell it off.
“When we signed the Sale and Purchase Agreement, there were a few condition proceedings which means before we complete and before we get the money, we have to meet a few conditions,” he said.
“There were several from our side and there were several from their side.
“For example we had to get their regulatory approval, their regulatory approval from the Bank of PNG, from National Authority as well as we had to get a few approvals.
“Apart from that there are certain rights that need to be confirmed.
“Because a television company is all about rights so we have a lot of rights which Fiji Television got which we are sharing with Media Niugini.
“Those rights need to be confirmed before the completion. I am happy to tell all the rights have been confirmed except one – sports. “
“So that is the only thing outstanding one sports right holder. I can say it is not Rugby Union but I can’t say what sort it is. However it is an International sport.”
Mr Fareed said that is what is holding up but other than that, the deal is intact at the moment.
“The chairman of Telikom PNG was here in June and we continued to discuss so Fiji Television and Telikom PNG are ok and we are still good friends and trying to complete this transaction,” he said.

Feedback: rachael.nath@fijisun.com.fj


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