WEDNESDAY, 12.30PM:
BARELY a week after New Africa Investments Limited withdrew its bid for Johnnies Industrial Corporation, fast-moving media group Primedia has reportedly approached Johnnic management with a possible deal.
Business Day reports that Primedia chief executive officer William Kirsh has approached Johnnic’s major shareholder, the National Empowerment Consortium, to invite it to discuss a potential deal. Although no details are known about Primedia’s proposal, it is suspected that it will suggest creating an ‘infotainment’ group positioned between itself and associated information technology group DataTec.
The NEC, however, is currently considering a similar rival proposal from information technology group Dimension Data. Johnnic’s appeal for both these companies is its strong media interests held through Omnicor — with holdings in Times Media Limited, MTN, MIH, M-Net, M-Cell, M-Web, CTP and Mega. Primedia has already moved in on a global trend of converging entertainment, communications and technology holdings, combining some of its content providers with its interactive businesses, such as VWV Interactive.