Independent up for sale

2012-07-12 08:24

Independent News and Media (INM), the country’s largest newspaper group, is up for sale.

The news ignited a flurry of speculation about politically connected buyers lining up to bid for the group.

Newspapers owned by the group include The Star, Cape Times and Sunday Independent.

Cyril Ramaphosa’s Shanduka Group and Iqbal Survé’s Sekunjalo Investments were named by the Financial Times as likely buyers of the titles, although there had been several expressions of interest.

Survé said yesterday it was “not the policy of myself, or Sekunjalo group, or its holding company to comment on any speculation”.

Shanduka group CEO Phuti Mahanyele denied they were investing in INM’s South African assets.

“We are not looking at an acquisition of Independent News and Media,” Business Day quoted her as saying.

An INM spokesperson reportedly told the Financial Times it “continues to assess a range of strategic options to deleverage its balance sheet. These include cost reduction and productivity initiatives progressing well. No divestment decisions have been taken by the board.”

Tony Howard, INM’s chief executive in South Africa, was not available to comment.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/World

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.