GBS Makes Additional Investment
NEW: Ghana Tourist Villas offers an unforgettable holiday and business experience in Accra.
Author: Daily Graphic - Daily Graphic
Date: Wed, 03 Sep 2008
Date: Wed, 03 Sep 2008
NEW: Ghana Tourist Villas offers an unforgettable holiday and business experience in Accra.
The Pan-African pay-TV service, Gateway Broadcast Services (GBS), has announced two parallel investment initiatives which will further fuel its redefinition of the pay-TV market in sub-Saharan Africa.
Firstly, an additional $35 million of external funding has been secured, bringing the total capital invested in the GBS business so far to almost $200 million.
Secondly, following the announcement by the Gateway Group (of which GBS is a subsidiary) of its conditional agreement to sell its telecommunications businesses to the Vodacom Group, the African mobile operator, the shareholders have re-affirmed their commitment to continue investment in the expansion of the pay-TV business.
This is a tremendous vote of confidence and commitment from the shareholders in the development and prospects for the GBS business over the long term.
Julian McIntyre, Founder and Managing Director of GBS, said, “Following Gateway's tremendous success in African telecommunications, we believe that the media industry and in particular pay-television represents the next great investment opportunity on the continent.
We have demonstrated our commitment to GBS with almost $200 million of investment to date and following the extraordinary success since launch, we are committed to further long-term financing.”
GBS is already available in most African countries, including Ghana.
