Can Indonesia NET TV survive to its 7th anniversary?

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Net TV

The Indonesian private television station NET TV became the most popular topic on Twitter today. At least 26,000 tweets discussed about a rumour regarding the mass layoffs of the TV station.

Last year, according to local business portal KataData, the business conglomerate owned by the Sudwikatmono family, Indika Group, had big plans for its subsidiary business, NET TV. The TV station management sought IDR 1 trillion in funds through two schemes: offering shares on the Indonesia Stock Exchange (BEI) and issuing a mandatory convertible bond (MCB).

However Maverick blog wrote:

These, however, seem to have failed to stem the financial haemorraghing because NET TV began to take down many of its original programs and instead reassigned producers, editors, and camera crew to managing its social media presence, which is rather too late now.

There is now great doubt whether NET TV would be able to survive until its 7th anniversary, a pity because their demise would also mean a goodbye to quality TV programs for Indonesians.

Through this corporate action, Indonesian largest e-commerce company Tokopedia is rumored to be the second largest shareholder of NET TV. Director of PT NH Korindo Sekuritas Amir Suhendro Samirin said NET TV wanted to release one billion shares or 4.88% of shares after an initial public offering (IPO) with a target of IDR 200 billion.

Tokopedia CEO William Tanuwijaya also briefly explained that his company was not intending to buy Net TV shares. “Not buying shares, but we support creative TV station in Indonesia like NET TV,” he said on September 25, 2018.

At the end of last month, William and NET TV founder Wishnutama also appeared to accompany SoftBank’s Chairman and CEO, Masayoshi Son to meet with President Joko Widodo at the Merdeka Palace.

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