Around April this year, it was revealed that millionaire businessman Gordon Wavamunno had temporarily lost control of his television station over a huge tax debt.
The free-to-air station founded in 1997, had been put on receivership by the Uganda Revenue Authority (URA) for failing to clear tax liability amounting to over UGX 7 billion which it accumulated over a period of several years.
URA took over the management of the station, appointed Mr Kabito Karamagi, a lawyer, to manage the company until such a time that the tax liability was cleared and the station was back on its footing.
WBS TV has been struggling with lackluster ratings and cash flow problems for a while now, and has been delinquent in paying its tax bills for the last couple of years.
However, rumour has it that NBS TV is finalising its acquisition of the struggling WBS. Apparently famous investor, Kin Kariisa, who already runs three televisions, has agreed with Wavamunno to acquire WBS and its assets. Hopefully, Wavamunno will settle URA arrears after receiving his cheque.
Kariisa and his company have reportedly inspected the premises. The deal will involve NBS television moving from Media Plaza in Kamwokya where they are renting, to WBS mansion on Naguru hill, which will be NBS property and home.
What will happen to WBS TV after the ‘take over’ remains unknown.