NAIROBI, Kenya, Jan 31 – Gateway Broadcast Services, suppliers of the GTV service, announced on Saturday that its Board of Directors had unanimously approved a plan to liquidate the company.
In a statement, the company blamed the current financial and global crisis for severely interrupting the company’s ability to secure further funding for the continued operation of the business.
“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.
Gateway Broadcast said it had worked extensively with external advisors and all internal resources to investigate evaluate and analyse strategic alternatives for the company to continue operating.
In determining to approve the company\’s Plan of Liquidation, the board and management carefully reviewed the advice and findings.
Gateway Broadcast Services, suppliers of the GTV service to subscribers across Africa has over the last two years invested a total of $200 million and created jobs and competition in the 22 markets.
The economic crisis that has emerged globally over the last few months has caused excessive demands on the business.
Television services have been stopped – with subscribers receiving a short message telling them the channel is off the air.
The statement continued; that with immediate effect the service had been withdrawn.
“We realise the negative impact this has had on our loyal customers, creditors and staff, all of who 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.”
Fans who watch the English Premier League on GTV will have to find another source of information this weekend, and in the future.
There has been no reaction so far from any of the organisations involved.