Johannesburg - JSE-listed media group Kagiso Media, in partnership with black-owned MSG Afrika, had bought a 50.1 percent stake in outdoor advertising group Clear Channel Merafe (CCM) for an undisclosed amount, the companies said yesterday.
CCM is a joint venture between Clear Channel Independent and a consortium of black investors. Clear Channel Independent is owned by Independent News & Media South Africa, the publisher of Business Report.
The stake will be housed in a new entity, Kagiso Outdoor, formed by Kagiso Media and MSG Afrika's media arm, MSG Afrika Media.
Kagiso Outdoor will be 65 percent owned by Kagiso Media and 35 percent by MSG Afrika Media. It will aggressively pursue opportunities in the R1 billion a year outdoor advertising and media market.