21 Dec 2004

Fiji TV buys PNG TV channel

9:01 am on 21 December 2004

Fiji Television Limited has bought out Papua New Guinea's only television channel, EM TV, for 1-point-6 million US dollars.

Fiji TV has already paid a 20% deposit and expects the transaction to be completed by the end of this month when it will take over control of its PNG counterpart from its Australian owner, Publishing and Broadcasting Limited.

EM TV will then come under the management of Fiji TV's chief executive in Suva, Ken Clark.

Fiji TV has held large cash reserves for some time which was further boosted this year when the government refunded all the taxes the company had paid in the past and extended its tax free status for another four years.

This year alone Fiji TV reported a profit of 2-point-5 million US dollars and its share price has risen dramatically after the announcement of the PNG acquisition.

Fiji TV is majority owned by the indigenous Fijian company, Yasana Holdings.