Tiso Blackstar Group Sells Media, Broadcast Businesses In Four African Countries
Tiso Blackstar Group has announced that it is selling its media, broadcast and content businesses in Nigeria, Kenya, South Africa and Ghana to the 100% black-owned Lebashe Investment Group for $71 million.
The Tiso Blackstar Group owns various broadcasting brands and publications such as Sowetan, Sunday Times, The Herald, Business Day and Daily Dispatch.
The organisation released a statement saying that Lebashe would ensure continuity of the business while retaining key management and that Tiso has confidence that the current business strategy is one that is sound and viable.
Lebashe also shared that it believes there will be further opportunities to grow the assets through the acquisition and by increasing its market share.
The business provides a diverse reach that remains unmatched in the African market dealing with print, TV, digital, films and radio.
Tiso noted that the transaction would allow Tiso Blackstar to focus on its remaining investments and businesses, specifically the Hirt & Carter ("H&C") project which has grown significantly and operates in a unique market space.
It will, however, retain the Gallo Music Group business and develop it accordingly as the music sector continues to evolve.
The sale will become commercially effective by the end of November 2019.
Over the weekend, Fundudzi Media announced that it had acquired the Sunday World newspaper that was supposed to have been closed by Tiso Blackstar.
Tiso's Managing Director Andy Gill said that the affected employees of Sunday World would be transferred to Fundudzi Media, but noted that the newspaper would continue to work from Tiso Blackstar's premises during the transition period.
Credit: This article originated from www.iol.co.za