Media company Tiso Blackstar Group intends to sell its media and broadcast businesses in Nigeria, Kenya, South Africa and Ghana to a black-owned investment company in South Africa for US$71m.
In a statement, Tiso said that the acquisition by Lebache Investment Group would “ensure continuity of the business while retaining key management, and Tiso has confidence that the current business strategy is one that is sound and viable.
“We believe there will be further opportunities to grow the assets through the acquisition and by increasing its market share.”
The business, which deals with print, TV, digital, films and radio, will instead focus on its remaining investments and businesses.
Tiso Blackstar is a global company with its roots in Africa, operating media, broadcast and retail marketing properties. The group has strong exposure to the rapidly growing digital, broadcast and mobile markets, with a leading position in South Africa and a broad footprint across Kenya, Ghana and Nigeria.
The sale is expected to be finalised by the end of November.