South African media and communications group Johncom has concluded an agreement with media group New Africa Investments (Nail) in terms of which Johncom will acquire Nail’s shares in New Africa Publications, owner of the Sowetan and 50% of Sunday World.
Johncom already owns the other 50% of Sunday World.
The transaction is subject to the approval of the Competition Commission, which will be immediately sought, and until such approval has been obtained, Nail will remain responsible for the management of New Africa Publications.
Nail chief executive Saki Macozoma said that Nail’s determination that the black empowerment credentials of the two newspapers be protected in any transaction has been achieved by the sale to Johncom.
“We are confident that Johncom, as a black empowerment company itself, and already a partner in Sunday World, will protect and extend the proud record of these publications.”
Johncom’s many decades of experience as a major publisher also confirm it is commercially a safe pair of hands for the titles, said Macozoma.
Johncom CEO Connie Molusi said the acquisition of the titles is in line with Johncom’s published strategy of growing its media assets.
“We have long said that our goal is a seven-day publishing operation, and the acquisition of the Sowetan achieves this. As soon as the agreement is approved, we will start the process of implementing the efficiencies that arise from publishing major titles every day of the week.”
Johncom is proud to be taking on the titles, which have a proud history and legacy, and is convinced they will prosper within Johncom, said Molusi.
The Sowetan and Sunday World join Johncom’s existing stable of major newspaper titles, including the Sunday Times, 50% of Business Day and the Financial Mail, the Daily Dispatch in East London and The Herald in Port Elizabeth. — I-Net Bridge