TopTV says e.tv and M-Net were both struggling financially when they started as the struggling pay-TV operator looks for recapitalisation.

On Digital Media (ODM) finds itself in serious financial difficulty but the struggling South African pay-TV operator which runs the TopTV service in South Africa says e.tv and pay-TV provider M-Net were both struggling financially in the same way when those TV operations started.

Eddie Mbalo, ODM's acting CEO, told Karima Brown on Beyond Markets on CNBC Africa (DStv 410) that "we're not closing shop".

ODM is currently in business rescue and needs a serious capital injection into its pay-TV business for the Woodmead based pay-TV operator to survive and recapitalise the business.

"We need to accept that what has happened to TopTV is not unique in the broadcasting environment. e.tv - two years after they've launched, were in a similar situation," said Eddie Mbalo.

"Also we know, M-Net, after they launched, it took them about 8 years to break even."

Eddie Mbalo refused to say how much money TopTV needs from potential investors but said "the business needs cash. That is what we are looking for."

"We do have interested parties on the table," Eddie Mbalo said. "We are currently in discussions about how we can all together ensure that the business is recapitalised."