SUNBIZ

Fiji Television’s Subsidiary Sale Falls Through

Telikom PNG will no longer be purchasing Media Nuigini Limited, a subsidiary of Fiji Television Limited. This is due to the failure to secure the rights to National Rugby League
06 Sep 2015 07:25
Fiji Television’s Subsidiary Sale Falls Through
Nouzab Fareed, Fijian Holdings group chief executive and Fiji Television Limited director.

Telikom PNG will no longer be purchasing Media Nuigini Limited, a subsidiary of Fiji Television Limited.

This is due to the failure to secure the rights to National Rugby League (NRL) in Papua New Guinea.

The rights to air NRL was lost to  Media Nuigini Limited competitor, TVWAN, a subsidiary of Digicel Play.

This was revealed by Fijian Holdings group chief executive and Fiji Television Limited director, Nouzab Fareed yesterday.

He said: “Earlier this year Fiji Television signed a sale and purchase agreement with Telikom PNG to divest its 100 per cent stake in PNG based Media Nuigini Limited for 27 million.

“As of April we have satisfied all the conditions except one of the most important ones which is NRL.”

He added Rugby League is the main sport in PNG and it contributes 30 per cent of Media Nuigini’s income.

“Because NRL is an important part of Media Nuigini Telikom PNG wanted to re-negotiate things.”

Fiji Television has lost the right to air NRL matches only in Papua New Guinea thus it will continue to air on Sky Pacific, Fiji Television’s paid channel.

However, Media Nuigini will continue to air NRL matches on a delayed basis as agreed said Mr Fareed.

 

EMTV Sale

Mr Fareed added Fiji Television is still looking forward to selling Media Nuigini.

“The board has made a clear way forward.

“This is either to divest totally the shares in Media Niugini or get a suitable stategic partner,” he said.

As of Monday Fiji Television will begin looking for another strategic partner or someone who will purchase the company 100 per cent.

He said there were six companies who were interested when the offer was made in October.

Telikom PNG is a state owned company and this decision to not purchase Media Nuigini was agreed amicably.

Thus Fiji Television is ready to partner with them again if called for in the future.

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