Regulation & Policy In Brief
- Gauteng economic development MEC Firoz Cachalia has cancelled a R3m-a-year contract that international business channel CNBC Africa had signed with the Gauteng Film Commission (GFC). Cachalia's spokesman, Mandla Radebe said the contract was terminated in January as part of a general review of contracts. "This was a five-year contract and it guaranteed CNBC Africa revenue of 3m a year in the event that both the GFC and CNBC Africa are unable to attract sufficient advertising revenue agreed upon by the two parties," said Radebe. He said no amount was paid to CNBC Africa for the cancellation. It was expected that CNBC Africa would give the province exposure and that local film producers would benefit. "But it was not adding value," said the official.