JSE listed Times Media Group, a media and entertainment company has bought a 49% stake in Radio Africa Limited for $18.62m (Sh1.58 billion) in a deal that will see new powerful regional media business leveraging Radio Africa’s expertise in electronic media and TMG’s strength as the largest newspaper publisher in South Africa.
Radio Africa will also use some of the funds to pay its debts and fuel new investments.
According to RAL Group MD Patrick Quarcoo, “It will be good for the company, for the staff and for the shareholders. In our view it is a win-win-win deal. No staff or managers will be laid off as a result of the deal. We will continue to run the business as before. The only difference will be that we will be much stronger financially.”
Radio Africa Group runs Kiss FM, Classic FM, Radio Jambo, East FM and XFM in Kenya and also owns KissTV and the Star newspaper’s majority shareholder. On its African expansion, Times Media Group last year acquired a TV network and five radio stations in Ghana and has also began acquiring radio stations in South Africa. TMG runs South Africa’s largest newspaper, the Sunday Times, The Times, Business Day, and the Sowetan.
