Media24 admits to price fixing, agrees to pay almost R14m settlement

The company is part of 28 media firms that have been referred to the competition tribunal for prosecution.

Picture: EWN.

JOHANNESBURG - Media24 has admitted to price fixing and fixing of trade conditions, agreeing to pay just under R14 million settlement.

The company is part of 28 media firms that have been referred to the competition tribunal for prosecution.

The matter relates to an investigation that was initiated by the Competition Commission in 2011.

It found various media houses, including Primedia, the SABC and Mail & Guardian agreed to offer similar discounts and payment terms to advertising agencies that place ads with certain members.

The Competition Commission’s Sipho Ngwema says: “Media24 has now agreed to pay R13,9 million in terms of funds but also to contribute to the economic empowerment fund.”

Provantage Media also paid a settlement of nearly R2 million this week.