Latest Biz News: SABC wants Netflix, DStv users to Pay Licence + More

Deputy Minister of Communications Pinky Kekana presented a proposal to parliament that may mean that South Africans who watch video streaming services like Netflix or pay-TV services like DStv or StarSat will be forced to pay a SABC TV licence fee. SABC is in severe financial distress, with more than 600 jobs in danger.

Distell trading ahead of expectations

In a quarterly update to the end of September, Distell saw a low single-digit revenue decline compared to the same period last year. This was due to the second alcohol ban, which was lifted in mid-August. Currently, overall performance is tracking ahead of expectations.

Steinhoff receives maximum fine from JSE

The JSE has fined retailer Steinhoff a total of R13.5 million for breaching its listing requirements. This includes a maximum possible fine of R7.5 million for publishing “incorrect, false and misleading” information in its previous financial statements.”

Sportsmans Warehouse saved by strong demand for home exercise equipment

Long4Life’s revenue fell to R1.4bn in the six months to end-August, from R1.8bn in the same period last year. Its headline profit slumped from 14.5c per share to 0.8c. Its Sportsmans Warehouse stores saw sales fall by 14% – although team sports were banned during lockdown, this was somewhat offset by increased demand for home exercise equipment, home games, running, cycling and fitness merchandise. Sorbet stores were unable to trade until end of June 2020. Revenue in Sorbet declined by 69%.

Business Insider SA

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