Fiji's television company Fiji TV has announced it is divesting its Papua New Guinea-owned television subsidiary Media Niugini Limited for US$10 million.
Islands Business reports that the PNG government-owned telecom company, Telikom PNG, has purchased Media Niugini which runs EMTV.
A sale agreement was today signed in Suva by Telikom PNG, FijiTV and owners of Fiji TV, Fijian Holdings Limited.
FijiTV bought EMTV from Australia's Channel 9 in 2005 for US$1.6 million
The CEO of Telikom PNG, Michael Donnelly says the biggest attraction about EMTV is the convergence possibilities the acquisition offers.
He says that providing ICT, communication and content in one single service is what customers are looking for today.
Mr Donnelly has given assurance that the jobs of all of EMTV's 160 employees are secure.
Telikom PNG adds EMTV to its growing portfolio of media subsidiaries including FM100 radio station, and internet provider Datec PNG.