Times Media Group: Van Schaik, Exclusive sale to proceed

The suspensive conditions on the disposal of Exclusive Books and the Van Schaik group of companies had been fulfilled and the conditions on the sale agreement lifted, Times Media Group announced yesterday. Times Media sold the businesses to a consortium led by Global Capital for R435 million in cash. The suspensive conditions included the completion of a due diligence by the buyer, unconditional approval from the competition authorities and approval from the landlords of certain material premises to assign the lease agreements to the purchaser. Times Media has restructured its business this year to focus more on its core assets, which include newspapers Sunday Times and Business Day, television channel Business Day TV and Nu Metro, its cinema business. The stock declined by 2.44 percent to close at R20 on the JSE yesterday.