A reading of the document reveals an intention to turn the SABC into a BBC-like structure with equal emphasis on public, commercial and community broadcasting.
It also wants the SABC to develop into a continental powerhouse through its news and local production content.
The funding model has created the biggest stir, as the bill seeks to tax citizens an extra 1% while abolishing TV licence fees.
However, closer scrutiny reveals a system based on cross-subsidisation of funds across the three platforms.
Additional money will also come from government, broadcasting licence fees, a myriad of commercial activities and from the proposed Public Service Broadcasting Fund.
At present, government funds only 3% of the SABC, which derives more than 80% of its income from commercial revenue and the remainder from TV licence fees.
It is proposed that the fund will be housed within the Media Development and Diversity Agency and will be responsible for disbursing money to the broadcaster.
The bill unashamedly states that the minister will have ultimate oversight over the board - making decisions without so much as an inquiry being held, and having the power to intervene in moments of crisis.
This is an obvious response to Nyanda not having sufficient power to prevent the public broadcaster from spiralling into maladministration and near-financial ruin earlier this year.
The bill says Nyanda can issue "directives" to remedy any crisis situation and can order the Independent Communications Authority of SA to impose a fine when necessary.
If the broadcaster wants to borrow money, it must do so with Nyanda or the finance minister's approval.
The document says TV licence fees must be paid until such time as the bill is enacted and that "all debt owed ... (will be) valid until fully paid up".
But the bill has drawn sharp criticism for, among other things, being rushed through and for giving the minister more powers than are necessary.
The Save Our SABC coalition, in particular, said there had been little consultation on the draft legislation. The organisation also said the bill was silent on independence, accountability and governance issues regarding the new fund and called instead for a review of the Broadcasting Act. It was also concerned at the December 7 deadline for submissions.
The SABC itself has been more circumspect. In a statement this week, it said the bill "looks at broadcasting in a developmental state".
It also warned that the payment of TV licence fees remained in force.
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