GTV Shutters African Pay-TV Service

LONDON: Gateway Broadcast Services has ceased operations of its pan-African pay-TV platform GTV, going into liquidation as a result of the financial crisis.

Gateway announced Friday that its board of directors had approved a liquidation plan for the company. A statement posted on its website noted: "The current financial and global crisis has severely interrupted the company’s ability to secure further funding for the continued operation of the business." A company spokesperson added: "Increased instability in global markets interrupted our ability to secure funding on an acceptable timescale and have left us no choice but to cease operation. We realize 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."

The company had invested some $200 million in its pay-TV service, reaching 22 African markets, over the past two years. It operated a slate of channels, and had secured the rights to lucrative sports events, including the English Premier League and a range of African football clubs.

Subscribers were informed of the closure on Friday.