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Johannesburg - Staff of Primedia Publishing, a business-to-business publisher of 17 specialist titles, are packing for a move to Media24 premises in Sandton by the end of October. Sources in its Randburg headquarters say the company has been acquired by Media24, with final details still to be agreed.
Media24 CEO Francois Groepe would say: "It is Media24's policy not to comment on market speculation."
Primedia titles are a diverse bunch, including SA Garden/Tuin Paleis (the biggest revenue generator), ADventure (an ad industry trade magazine), DIY Trade News, Leading Architecture, Film Finesse, Front Shop and Money Marketing.
The division, one of the biggest publishers of B2B magazines, is understood to be running profitably.
Primedia Publishing is a subsidiary of Primedia Limited, a diversified media company with lucrative radio assets such as 702 Talk Radio, Highveld Stereo and Kfm. It is also a big player in outdoor advertising, cinema, promotions, sport, digital media and entertainment.
Long-time CEO William Kirsh and the Mineworkers Investment Company (MIC) led a private equity consortium in a R6bn buyout of Primedia in 2007, but in a recent surprise move he resigned, to be replaced by deputy CEO Kuben Pillay.
- Fin24.com
Fin24.com is part of FinMedia24, a Naspers subsidiary.