South African media and entertainment group Primedia on Wednesday announced it has received regulatory approval for its proposed acquisition of 100% of the issued share capital of New Africa Media Holdings (NAMH) and, as a result, the acquisition of 66,5% of the entire issued share capital of KFM.
Prior to this deal, NAMH was restructured by its parent company, black empowerment company New Africa Investments (Nail). The restructuring left the Cape Town radio station KFM as the only entity in NAHM.
Approval for the transaction has been granted, without conditions, by both the Independent Communications Authority of South Africa and the South African Competition Commission.
Primedia CEO William Kirsh said: “This is very good news. KFM is a prize asset which has consistently grown its listenership, profits and free cash flow in recent years. It is another positive step in enhancing our South African media portfolio.”
The transaction is still subject to the final approval of Nail shareholders on September 29 and for which Primedia has received an irrevocable undertaking from Tiso Consortium, which controls Nail, to vote in favour of the transaction.
Primedia currently owns three radio stations — 567 Cape Talk, Gauteng’s 702 Talk Radio and 94.7 Highveld Stereo. — I-Net Bridge