Jacquie Golding-Duffy
FINANCIAL MAIL editor and Times Media Limited (TML) board member Nigel Bruce this week denied claims he is one of several interested parties vying to purchase the ailing magazine Finance Week.
”Absolutely not. I have no ambitions in that direction,” Bruce said.
Industry sources claimed this week that Bruce has been discussing a take-over of Finance Week together with Conrad Black, the Canadian media tycoon who owns the Telegraph group in Britain and who has a stake alongside Rupert Murdoch in Fairfax, the largest Australian newspaper group.
Finance Week editor Stuart Murray, who is also managing director and chairman of Finance Week Holdings, also denied that Bruce was negotiating to take over the magazine.
He pointed out that they were close friends and often met to discuss developments in the industry and exchange ideas. But a takeover of Finance Week by Bruce had not been a subject of discussion.
Media circles have been abuzz with rumours that Bruce, fearful of his position in TML — in the face of a take-over by the black-owned National Empowerment Consortium — has been negotiating a possible Finance Week takeover with the support of Black. TML chairman and Johnnic chief executive Vaughn Bray was said to be aware of Bruce’s bid for the magazine. But Bray this week also denied any knowledge of Bruce’s alleged approach to Finance Week.
TML managing director Roy Paulson told the M&G he would be ”surprised” if Bruce went across to Finance Week as it was not an established publication in the market. He could not believe that Bruce would go it alone and leave a respected stable such as TML.
Murray said several media stables are interested in the publication. ”We have been approached by several interested parties but I think it will be unfair to disclose who they are just yet,” Murray said. They were all local groups.
Murray has a pre-emptive right on shares which means he will have first refusal for the publication: ”Finance Week cannot be sold unless I know about it, or am afforded an opportunity first.” He says an agreement was reached with majority shareholder Lynne Hill, wife of alleged fraudster Oliver Hill, facing extradition from London to South Africa. Lynne Hill is still based in London and has her lawyer managing business transactions on her behalf in Johannesburg.
Independent Newspapers deputy chief executive Ivan Fallon said his group ”definitely did not” approach Finance Week.