Foreign investment in broadcasting activities is subject to joint-venture with citizens and citizen-owned companies as per the licensing policy of the Botswana Communications Regulatory Authority (BOCRA).
"2. In this Act, unless the context otherwise requires —[...]
"Board" means the Board of the Botswana Communications Regulatory Authority established under section 4;[...]
"commercial broadcasting service" means a broadcasting service operating for profit and available to the public free of charge or through a subscription;
[...]
31. (1) A person shall not carry out any broadcasting or re-broadcasting activity unless he or she has a valid licence issued by the Board.
(2) Notwithstanding subsection (1), a state broadcaster shall not require a licence to operate.[...]" (COMMUNICATIONS REGULATORY AUTHORITY ACT No 19 of 2012)
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"1 INTRODUCTION
The Botswana Communications Regulatory Authority ("The Authority") is a statutory body established under Communications Regulatory Act of 2012 (the Act). The Authority was set up to regulate the communications sector in Botswana, comprising telecommunications, information and communications technologies, radio communications, broadcasting, postal services and related matters and for matters connected or incidental thereto. [...]
In particular, the Authority will endeavour to
- enhance citizen empowerment within the broadcasting sector by specifying quotas for citizen ownership;
[...]
3 COMMERCIAL BROADCASTING SERVICE
3.1. In terms of Section 31 (1) of the Act, no person shall carry out any broadcasting or re-broadcasting activity unless he or she has a valid licence issued by the Board.A state broadcaster shall not require a licence to operate. Therefore, any person or entity seeking to operate a system for the provision of broadcasting services has to obtain authorisation from BOCRA.[...]
The proprietor of a commercial broadcasting service can either be a natural or a juristic person. In assessing the applicants the Authority will put emphasis not only on the business case and the technical aspect of the proposal but will consider and not limited to the following:
3.1.1 The Authority defines "significant shareholding" to be at least 65 % of shares for television, 51% for Subscription Management Service and 80 % for radio - thus enabling foreign investment in this capital-intensive industry and at the same time securing control by Botswana.
[...]
3.6. In assessing applications, the Authority shall consider whether the applicant:[...]
3.6.4 will promote the economic empowerment of Botswana citizens in terms of  both ownership and employment;[...]" (BROADCASTING LICENCES IN BOTSWANA: Application and Assessment Procedures for Commercial Broadcasting Services, April 2015)

COMMUNICATIONS REGULATORY AUTHORITY ACT No 19 of 2012
BROADCASTING LICENCES IN BOTSWANA: Application and Assessment Procedures for Commercial Broadcasting Services, April 2015
[<a href="https://www.bocra.org.bw/sites/default/files/documents/COMMUNICATIONS%20REGULATORY%20ACT%2C%202012.pdf">Ac</a>],[<a href="https://www.bocra.org.bw/sites/default/files/documents/Broadcasting%20%20Licence%20Application%20and%20Assessment%20Procedures.pdf">Pol</a>]