BLACK empowerment group New Africa Investments Ltd (Nail), said on Monday that it has spun off its media assets into a separate entity as part of its ongoing restructuring. “New Africa Media (NAM), at this stage a wholly owned subsidiary of Nail, will assume control of all Nail’s media assets and hopes to list in about 18 months or when it deems the conditions opportune,” Nail said in a statement. Nail’s media assets are worth more than R300 million and include the daily Sowetan newspaper – South Africa’s most widely read – and communication firm Rapid Phase plus a 37,2% stake in Radio Jacaranda and controlling stakes in Urban Brew, Sunday World and Philo Films Productions.