Low bid for South Africa’s Independent News & Media unit

The publishing group received an offer of around 150-million euros, far less than expected, Ireland's Sunday Business Post newspaper reported.

Offers fell below the 250-million euros linked to the sale, but at least two bidders are believed to still be involved in the race to secure the unit, a number of sources in the industry are cited as saying.

The publisher has taken radical steps to restructure in recent years, which include selling its flagship UK title the Independent, in response to high levels of debt and tough trading.

The Sekanjalo consortium led by the philanthropist Iqbal Surve is the frontrunner to secure the unit, but INM is still hopeful of reaching a higher price through a competitive process, according to the newspaper.

The company announced last July that it had appointed advisors to look at a range of options for its South African operations.

INM generates about two-thirds of revenue from local newspapers in Ireland, including the dominant daily and Sunday titles north and south of the border, and the rest from it's South African unit, where it is the leading newspaper publisher. – Reuters 

Reuters
Guest Author
Advertisting

Golding opportunity for kleptocrats

Government must take steps to clean up the country’s dirty real estate market, which has long offered a safe haven for criminals

SAA’s rescue men fly in defiance

The airline’s business rescue practitioners ignored a warning not to announce route closures and possible job cuts ahead of a restructuring plan
Advertising

Press Releases

Response to the report of the independent assessors

VUT welcomes the publishing of the report of the independent assessors to investigate concerns of poor governance, leadership, management, corruption and fraud at the university.

NWU student receives international award

Carol-Mari Schulz received the Bachelor of Health Sciences in Occupational Hygiene Top Achiever Award.

Academic programme resumes at all campuses

Lectures, practicals, seminars and tutorials will all resume today as per specific academic timetables.

Strategic social investments are a catalyst for social progress

Barloworld Mbewu enables beneficiaries to move away from dependence on grant funding

We all have a part to play to make South Africa work

Powering societal progress demands partnerships between all stakeholders

So you want to be a social entrepreneur?

Do the research first; it will save money and time later

Social entrepreneurship means business

Enterprises with a cause at their core might be exactly what our economy desperately needs

Looking inwards

Businesses are finding tangible ways to give back – but only because consumers demand it