Times Media Group (TMG) has emerged as the frontrunner to buy Primedia from its shareholders for an undisclosed amount.
Primedia is a media and advertising group that targets premium consumers. It is jointly owned by the Mineworkers Investment Company (MIC), Brait Entities, Old Mutual and FirstRand Group.
Media Monitoring Africa director William Bird confirmed that he had heard of the pending Times Media buyout of Primedia. He said while the transaction made business sense, the lobby group was worried that it would concentrate media ownership in South Africa even further.
Sechaba ka’Nkosi and Dineo Faku, ‘’TMG leads Primedia race,’’ IOL, 31 October 2016