Digicel buys Sky Pacific pay TV
Fiji Holdings Ltd CEO, Nuzab Fareed.
Digicel has bought off Fiji TV’s pay TV service, Sky Pacific, according to FijiOne, for $5.75 million deal.
Nouzab Fareed, CEO of Fijian Holdings Ltd; which holds majority shares in Sky Pacific and operates Fiji TV, said an official agreement has been signed to transfer the pay TV business to Digicel. A deposit of $0.75 million was paid while the balance of $5 million will be paid after the completion of the deal.
Fareed said:
“We signed an official agreement with Fiji Television Ltd and Digicel Fiji Ltd transferring Sky business to Digicel. So effectively today we have received a deposit from them and within next 21 days or so, probably early October they will officially take as part of their business. The purchase price $5.75 million, they paid a deposit of $0.75 million today, the $5 million will be paid on completion. Completion is 21 days or before but they are hoping to start on 1st of October, it is subject to the regulatory approval.”
Digicel CEO, Darren McLean said they were excited at the prospect of growing the Sky Pacific brand further. He added that there would be no interruption to existing customers. He said:
“We’re very excited about the opportunity to grow the Sky Pacific brand further and to grow the customer base further and most importantly it’s about bringing some innovation, that we have a track record in this market for over the last 7 years into the TV space so we’re hoping that this is a very trans formative step for both Digicel, Sky and most importantly the customers. There will be no interruption or disruption to existing customers of Sky, it’s gonna take some weeks as Fareed said earlier for us to complete the transaction and plan out the handover. It’s a very large business and there’s lots of moving parts from our transmissions and customer care service and we’ll allow that to take part in the next couple of months.”
Meanwhile, NexTVNews has reported four other strategic partners in the deal. However, their names have not been revealed.
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