Gateway Broadcast Services has raised a further $40 million (€29.77m) for the financing of its pan-African pay-TV service GTV. The broadcaster, a subsidiary of Gateway Telecommunications plc, is planning to use coverage of English Premiership football to launch the service is 48 sub-Saharan African countries. The first launch will take place in East Africa later this month.
One of the new investors is the Swedish Kinnevik, which founded the MTG pay-TV group, and has significant other investments in the telecoms sector.
It is the third significant round of fund raising completed by Gateway Telecommunications in the last seven months. $115m was raised from the European high yield bond market in November 2006 and a further $32.5m in May 2007 to finance the acquisition of GS Telecom.
