Securing the backing of the Sri Lanka Telecom chairman and the Board of Directors, the PEO TV CEO has also called an emergency Tender for this purpose.
It is said that the relevant CEO is due to retire this year and he has taken the initiative to expedite technical evaluations of this Tender.
Apart from the new IP TV broadcasting system costing millions of dollars, the system will also require the installation of new STB devices to accommodate the current 500,000 PEO TV subscribers, reports say.
This alone will require over 20 million dollars, reports add.
Meanwhile, SLT has also had to pay more than $ 4 million in damages to a local company that originally provided IP TV services to SLT a few years ago.
It is also rumored that the company will have to engage in a legal battle with a London-based company that currently provides the IP TV service.
PEO TV is also the only IP TV network in Sri Lanka capable of providing a stable TV service through Copper and Fiber networks.
However, despite the advancement of technology, the PEO TV team has had troubles to achieve growth in the active subscriber base over the last three years, something that its main competitor - Dialog TV has achieved.
Despite the lack of subscriber growth, PEO TV has continued to purchase STB devices over the past few years. Excluding the STB devices currently active, it is said that at least 250,000 STB devices are unaccounted for, causing at least USD 08 million to PEO TV.