Tiso Blackstar announces sale of media, broadcast businesses
Tiso announced that it would dispose of its media, broadcasting and content businesses to 100% black-owned Lebashe Investment Group.
JOHANNESBURG - Tiso Blackstar Group announced on Thursday the sale of its media, broadcast and content businesses in South Africa, Ghana, Nigeria and Kenya to Lebashe Investment Group for R1,05 billion.
Tiso, which owns a variety of publications and broadcasting brands ranging from Sunday Times, Sowetan, Daily Dispatch, Business Day and The Herald released a press statement on Thursday evening, announcing that it would dispose of its media, broadcasting and content businesses to 100% black-owned Lebashe Investment Group.
“As long-term investors, we are quite excited about this transaction which complements our current portfolio and growth trajectory. We anticipate that our newly acquired media assets will play a critical role in our ambition to create a significant investment company on the continent,” said Lebashe chairman, Tshepo Mahloele.
“Whilst the media industry, in general, is undergoing disruption, we believe that the assets we are acquiring are generating sustainable revenues to withstand the change in the medium term. Moreover, we are acquiring leading brands supported by a good team. It is our plan to support the editorial team with an advisory council made up of eminent local and international persons. Our long-term approach to investing will also enable us to focus on the growth of quality journalism which should add to the positive experience of our customers and the country in general.”
In April this year, Lebashe’s lawyer advocate Danny Berger accused the United Democratic Movement leader Bantu Holomisa of defaming his clients of corruption and wrongdoing without evidence after Holomisa claimed the group used money from the Public Investment Corporation to establish the company.
Last year, the Pretoria High Court issued an order against Holomisa to stop making or repeating allegations of corruption against Lebashe and its directors.