South Africa: Competition Commission Approves Sale Of Tiso Blackstar’s Broadcast And Content Business
A proposed transaction of over $66 billion whereby the Lebashe Investment Group would buy the Tiso Blackstar Group (TBG SA) as well as the Target Group should be approved soon without conditions.
This was the recommendation that was made to South Africa’s Competition Tribunal by the Competition Commission on Monday 07 October 2019.
In June this year, TBG revealed that it had signed an agreement to sell off its South African media, broadcasting and content company to Lebashe for roughly $52 million subject to some adjustments. The sale would not include Gallo and its other South African radio assets. At the time, TBG also announced that it would also sell its content and broadcasting businesses in Nigeria, Kenya and Ghana together with its South African radio assets to Lebashe, for an extra $16.5 million.
Lebashe is a black-owned investment holding company.
TBG owns Business Day and Sunday Times, among other assets. The Target Group is involved in printing and digital media services as well as in the content and broadcasting services sectors - through the Home Channel, Business Day TV and various film and production projects. The Target Group also runs the radio stations Rise FM and Vuma 103 FM.
When announcing the agreement in June this year, TBG said that its board of directors believed that the sale would unlock much significant value for its shareholders and that the media firm had a robust and committed shareholder in Lebashe to take it forward.
Credit: This article originated from www.fin24.com