Tiso Blackstar has signed an agreement to sell it’s South African media, broadcasting and content businesses to Lebashe Investment Group. The sale would exclude Gallo and its South African radio assets. Tiso Blackstar owns publications including the Sunday Times, Business Day and Financial Mail.
Tiso said it also reached an agreement on the terms upon which it will sell its media, broadcasting and content businesses in Ghana, Nigeria and Kenya, plus its South African radio assets to Lebashe for an additional R250 million. The total transaction will come to just over R1-billion.
“The acquisition of the iconic media assets including the Sunday Times, Business Day, Sowetan and others, owned by Tiso Blackstar is in line with our growth trajectory and complements our financial services and technology assets,” said chairman of Lebashe, Tshepo Mahloele.
“We believe that Lebashe provides a compelling growth opportunity for the media, broadcasting and content businesses in the Tiso Blackstar stable. Our combination of specialist Pan-African expertise, technological and financial acumen, make us the ideal partner to take this business to the next level. This transaction will be subject to regulatory approvals.
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Source: eNCA
