Tiso Blackstar has signed an agreement to sell its South African media, broadcasting and content businesses to Lebashe Investment Group for R800m subject to certain adjustments. The sale would exclude Gallo and its South African radio assets. Tiso Blackstar owns publications including the Sunday Times, Business Day and Financial Mail.
In a Stock Exchange News Service (SENS) notice on Thursday evening, Tiso said it had also reached an agreement on the terms upon which it will sell its media, broadcasting and content businesses in Ghana, Nigeria and Kenya, plus its South African radio assets to Lebashe, for an additional R250m.
The total transaction will come to just over R1bn.
Lebashe has former deputy finance minister Jabu Moleketi as one of its non-executive directors. Moleketi is also a former chairperson of the Public Investment Corporation (PIC).