Econet has taken another step that confirms it’s exit from the media business. In a full-page ad run today Ernst and Young is inviting investors to provide offers for Econet Media’s equity in 29 businesses spread across 14 countries.
The list tells a story of a business which was well-spread across Africa. Consequently, it serves to confirm that Kwesé TV’s failure was not down to Zimbabwe’s economic turmoil given that Kwese was also present in countries that have relatively well-perfoming economies.
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Upstream white label suppliers had a fallout with Econet. Building a streaming platform from scratch was impossible, by this stage.
It’s the administrator and not Econet selling the shares. Once a business goes into administration, the shareholders and directors have no say in decisions thereafter.
Adminstrator? How would that play out? That all these entities in all these jurisdictions were in receivership…. or something…under one “administrator”!
I remember Econet blaming Zimbabwe’s economic challenges. Refer to the link https://www.techzim.co.zw/2019/08/econet-blames-failure-of-kwese-on-zim-economy/ . So you telling me kuti Econet Media had decided to invest allover and left Zimbabwe? They just wanted to collect the money and use it somewhere else?