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Independent News SA sold for R2bn

Feb 18 2013 08:03 Reuters

(Picture: Supplied)

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Cape Town - 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.   

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, where it is the leading newspaper publisher.

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