SABC needs a whopping R6.8 billion in cash as a government bailout to survive, South Africa's minister of finance, Tito Mboweni reveals.

Forget the R3 billion, South Africa's commercially insolvent South African public broadcaster now needs R6.8 billion, the country's minister of finance, Tito Mboweni, revealed on Wednesday afternoon, saying the government will find a way to help the SABC.

The beleaguered SABC is once again hovering on the brink of financial collapse, once again adrift with an unstable and inquorate SABC board for months now, in a national election year.

Tito Mboweni revealed that the cash-strapped entity limping along and struggling to pay content providers like South African production companies and even to keep the electricity on, requires R6.8 billion to survive.

Briefing journalists in Cape Town on his budget speech, Tito Mboweni said the "the SABC needs R6.8 billion and the director-general (Dondo Mogajane) is having conversations with them on what they need. But if you take, something has to give".

"If they get the R6.8 billion they want, the chief restructuring officer that is dealing with Eskom will be on his way to Auckland Park. My advice to the SABC is to stay far away from National Treasury. But we will find a way to help them".

"The National Treasury has been in talks with the SABC but make no mistake - the SABC will most likely be placed in curatorship if they receive a bailout. Gone are the days where money is given out without checks, balances and oversight," said Tito Mboweni.


ALSO READ: South Africa to fund the creation of a new national theatre, a new national museum and possible funding considered for national orchestra and ballet troupe, finance minister Tito Mboweni announces in his 2019 budget speech.

South Africa to fund the creation of a new national theatre, a new national museum and possible funding considered for national orchestra and ballet troupe, finance minister Tito Mboweni announces in his 2019 budget speech.

South Africa's minister of finance, Tito Mboweni, in his Wednesday afternoon 2019 Budget speech, revealed that the South African government will fund the creation of a new national theatre and a new national museum.

In addition, the South African government through the department of arts and culture will also consider financial support for the National Archives, a national orchestra and ballet troupe.

"The global renown of South Africa's art and culture is an expression of our soft power and our heritage," Tito Mboweni said.

"Our public funding choices should reflect an intention to preserve and add to our cultural canon."

2019 BUDGET SPEECH WATCH. Pre-analysis, live coverage and post-analysis broadcast plans on Wednesday of the SABC on SABC News and SABC2, eNCA, CNBC Africa, Open News and YouTube.

Several TV channels will be doing live coverage and analyses on 20 February when Tito Mboweni, South Africa's minister of finance, delivers his 2019 budget speech at 14:00 on Wednesday afternoon.

Here is TVwithThinus's round-up of what the coverage on South African television on Wednesday will entail:

SABC
The SABC tells me in response to a media enquiry that SABC News (DStv 404) and SABC2 will start with preview interviews and live crossings on Wednesday morning on Morning Live from the parliamentary precinct in Cape Town.

This will include economists, labour, politicians and various other experts. The SABC plans to do live crossings from the various regions on budget expectations from citizens on the ground, and also commissioned preview packages focusing on tax, Eskom, education, safety and security, and health.

Budget speech preview-related coverage will also be carried on the SABC News channel programmes, The Agenda and On Point.

Live coverage of Tito Mboweni's 2019 budget speech will start on SABC News and SABC2 at 13:50 as the minister of finance walks into parliament to deliver his address.

The speech will be carried live on these SABC channels. Subsequent to the speech, the broadcast will consist of analysis with various experts, as well as live crossings to the steps of parliament for reaction from political parties and civil society.


eNCA (DStv 403)
eNCA tells me in response to a media enquiry that it will provide full coverage and detailed analysis of Tito Mboweni's budget speech, live on the news channel from 14:00 on Wednesday.

The eNCA business anchor Devan Murugan will report live from the parliamentary precinct, leading the analysis and gauging the reactions from politicians and experts.


CNBC Africa (DStv 410 / Cell C black 512)
CNBC Africa tells me in response to a media enquiry that Godfrey Mutizwa and Karabo Letlhatlha will be anchoring the main desk from Sandton on Wednesday, crossing to Fifi Peters in Cape Town throughout the day for 2019 Budget speech coverage.

The business news channel will also carry the 2019 Budget speech live. CNBC Africa says it will naturally adapt to any changes or breaking news on Wednesday.

CNBC Africa's current run-of-day on Wednesday will be as follows:

13:00 - 14:00 Pre-Budget Panel with chief economists, banking heads and financial institutions

14:00 - 16:30 Live broadcast of the 2019 Budget speech & post-analysis with top economists, CFO’s and fund managers 

16:30 - 17:15 CEO and labour panel

17:15 - 17:35 Youth panel

17:35 - 18:05 Eskom panel

18:05 - 18:30 Tax and savings panel   

18:30 - 19:00 Highlights special (26 minutes)


Business Day TV (DStv 412)
Business Day TV tells me the business news channel will go live at 13:30 with a pre-budget speech panel anchored by Alishia Seckam.

From there Business Day TV will cross live to parliament for the speech and then come back for a brief analysis. Thereafter and into the rest of the evening, the channel will look at the various themes that come from Tito Mboweni's speech.

This will consist of various panels from tax, business, personal finance and politics, as well as taking a look at markets' reaction and some of the other news of the day.

Anchors for the day are Alicia Seckam, Leigh Roberts, Natassia Arendse and Giulietta Talevi.

Panellists appearing on Business Day for the day are Lumkile Mondi (senior lecturer: Wits School of Economics & Business Science), Zweli Mabhoza, founder/director: Priority Tax), Maarten Ackerman (chief economist: Citadel), Marcus Botha (BDO), Muneer Hassan (senior lecturer, taxation: University of Johannesburg), David Warneke (National Tax Committee Chair: SAICA), Vukani Mde (political analyst: Lefthook), Daniel Silke (political Analyst), Ralph Mathekga (political analyst), Andre de Ruyter (CEO: Nampak), Bernard Swanepoel (executive director: Small Business Institute), Nick Nick Kunze (Sanlam Private Wealth), Bernard Berson (Bidcorp), Razia Khan (Standard Chartered), Hanneke Farrand (director of private clients at ENS Attorneys), Lizl Budhram: Head of Advice at Old Mutual Personal Finance), Kevin Lings (chief economist: Stanlib), David Shapiro (Sasfin Securities), Nick Crail (Ashburton Investments).

YouTube

Parliament's YouTube channel will broadcast the 2019 Budget speech live.

Open News (Openview 120)

Open News tells me that the channel's viewers will get the opportunity to have their say from 17:00 on Wednesday afternoon when Open News starts its daily coverage of the day's top stories.

Anchors Naledi Moleo and Koketso Sachane will provide an incisive overview of the speech and weigh in on the key talking points. 

Social media anchor Ayanda Dlamini will gauge the reaction on social media, and viewers will have the opportunity to share their thoughts and reactions with the Open News team via Whatsapp.