JOHANNESBURG - Two more media companies have reached settlement agreements with the Competition Commission after admitting engaging in prohibited practices in contravention of the Competition Act.
The commission said Mediamark agreed to pay a fine of R1.01million and United Stations R423 920.73 to a package of remedies.
Mediamark would contribute R364 969.42 and United Stations R152 611.46 to the fund.
The case relates to a November 2011 investigation by the commission, which revealed that various media companies had agreed through the Media Credit Co-Ordinators (MCC) to offer similar discounts and payment terms to advertising agencies that placed advertisements with MCC members.
The commission said yesterday that the settlement has brought to eight the total number of companies that had settled in the matter. A total of 23 media companies implicated.
- BUSINESS REPORT