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21.10.2004 Business & Finance

TV3 Network to go public

TV3 Network Ltd, the first private free on air television station is to go public by July, 2005. As a first step to the public floatation, the station has appointed Databank Brokerage Ltd to be the network lead managers and advisors.

The network is equally working hard to extend its national coverage to the Central and Western regions by December and by the end of the first quarter of next year, transmission of TV3 programmes will be available in Sunyani and Tamale. Shairman Zainal Abidin, the Executive Director and Chief Operating Officer and Ms Leonitas Kumi, Marketing and Promotions Manager of TV3 Network Ltd, said in an interview.

According to Abidin, TV3 Network was committed to go public so that the company which is 100 per cent privately owned, could share its fortunes with all Ghanaians. He said it was against this background that at the networks seventh anniversary, the name of the studios was changed to a local and indigenous name — “Adesa We” a Ga expression, meaning 'House of Stories'.

Abidin, however, could not tell exactly how many shares would be floated on the market but stated that the quantum of shares would depend on the advisors and how much the market was prepared to absorb. When listed, the network will be the first private media house to be on the Ghana Stock Exchange and will serve as a lead to other government and private media houses.

“We are determined to be listed on the exchange. We want to share in the fortunes of the company with all Ghanaians. He said the network has also been a training spot for many Ghanaian professionals in the area of journalism, film making and presentation among others and expressed the hope that this would continue for some time to come.

The chief operating officer said with staff strength of 300 Ghanaians, 10 are in management while only two are foreigners. The creativity, the quality and the skills of its staff have made what the station is today and that the creative talent of personnel to chart a new course has added value to the operations of the network” he said.

He said the network was equally working towards putting more emphasis on the local production of films and other entertainment programmes adding that we create brands not just programmes. The network's programme content currently stands at 65 per cent local and 35 per cent foreign.

Abidin said the network had also created its brand of programmes and mentioned the Music, Music programme which had caught up very widely, especially, among the youth. He said the network had also provided a new platform for new business to develop and mentioned local sitcoms like 'Dada Boat' and 'Efiewura'.

The chief operating officer also said the network broadcast almost 20 hours a day for seven days and would extend it news broadcast from the normal 30 minutes to an hour. He said TV3 Network would continue to lead the screen industry in the area of presentation, production, contents and branding. “The bench mark that we have set ourselves is to be comparable with South African Broadcasting Corporation.”

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