The Competition Tribunal has approved the merger between New Africa Publications and Johnnic Publishing.
The transaction paves the way for Johnnic Publishing, a wholly-owned subsidiary of Johnnic Communications, to acquire New Africa Publications, the tribunal said on Friday.
New Africa Publications is 90,5% owned by New African Media Holdings, which in turn is wholly owned by New Africa Investments Limited (Nail), an empowerment company listed on the JSE Securities Exchange.
”Johnnic Publishing is acquiring 90,5% of the issued share capital of New Africa Publications,” the tribunal said.
Johnnic Publishing owns the Sunday Times, half of Business Day and the Financial Mail, while New Africa Publications owns the Sowetan. — Sapa