WBS TV Closed, Assets Sold

WBS will be closing shop on Wednesday

The receivership under which struggling Wavah Broadcasting Television was placed in April this year has wound up in the sale of the station’s assets and total closure.

WBS, site one of the first TV stations in the country will go off air tomorrow Wednesday according a statement issued by the receiver, ampoule Mr Karamagi Kabiito.

The Television owned by tycoon Gordon Wavamunno owed tax collectors URA up to Shs 7.2billion in taxes which had accumulated for over about a decade.

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URA decided to place the station under receivership to help recover the tax arrears.

Mr Karamagi who took over as the new manager of the station says he assayed to employ various turnaround strategies to restore the company to solvency.

He apologized in the statement however, that his efforts were fruitless as he lacked sufficient capital to implement some of these strategies.

The entirety of the company’s assets has now been sold off to an unnamed regional media however, which he termed as “the only option.”

“The transaction now being conducted has been approved …by various government agencies including (UCC and UBC),” said Mr Karamagi.

“While this episode may evoke sadness and regret, I am confident that the new investor will give the public far better opportunities than any other TV station in the market.”


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