Cape Town - Tiso Blackstar Group has announced on Thursday the sale of its media, broadcast and content businesses in Ghana, Nigeria and Kenya and South Africa to 100% black-owned Lebashe Investment Group for R1.05 billion.
Tiso Blackstar Group owns a variety of publications and broadcasting brands such as Sunday Times, Sowetan, Daily Dispatch, Business Day and The Herald.
"Lebashe will ensure continuity of the business with the retention of key management and has confidence that the current business strategy is sound and viable. Lebashe believes there will be further opportunities to grow the assets through both acquisition and by growing market share. The business offers a diverse reach unmatched in the South African and broader African market spanning print, digital, TV, radio and films," the organisation said in a press statement released on Thursday evening.
"The transaction will allow Tiso Blackstar to focus on its remaining businesses and investments, specifically the Hirt & Carter ("H&C") operation which has grown significantly in recent years and operates in a unique market segment. It will retain the Gallo Music Group business and develop it further as the music industry continues to evolve," Tiso continued in the statement.
The sale is expected to become commercially effective by 30 November 2019.
At the weekend, Fundudzi Media announced that it had bought the Sunday World newspaper that was to have been closed by Tiso Blackstar.
Tiso managing director Andy Gill said affected employees of Sunday World would be transferred to Fundudzi Media, but the paper would continue to operate from Tiso Blackstar’s premises during the transition period.