Publisher of The Star sold for R2bn

2013-02-18 09:17

Irish publishing group Independent News & Media (INM) has agreed to sell its South African unit, Independent News SA, for R2bn to Sekunjalo Independent Consortium.

The sale will require approval from INM shareholders and the Competition Commission.

Independent News SA publishes more than 15 titles including The Star, The Mercury and Cape Times.

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 is led by philanthropist Iqbal Surve.

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 its South African unit.

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