Tiso Blackstar Group, the publisher of Business Day, the Sunday Times, Sowetan and other titles, has sold its print, broadcasting and content businesses in SA, Ghana and Kenya to Lebashe Investment Group for R1.05bn.
“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,” Tiso Blackstar said. “While 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. 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 growth of quality journalism.
Lebashe is an unlisted investment holding company focusing on financial services and ICT, among other things. The company has grown significantly since inception and holds stakes in various well-known businesses, such as Capitec, EOH and RainFin.
If this deal happens, Tiso Black Star shareholders would be extremely happy. The publications will no doubt head the same way as Independant.
I do not know one happy person who works for Tiso. I hope working conditions get better for them now. Everyday they wonder if today is the day retrenchment is coming...
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