Fin24

Politically-connected bid for Independent

2012-07-12 07:46

Johannesburg - Independent News and Media (INM), the country's largest newspaper group, is up for sale, Business Day reported on Thursday.

The news, which broke on Wednesday, ignited a flurry of speculation about politically connected buyers lining up to bid for the group.

Newspapers owned by the group include The Star, Cape Times and Sunday Independent.

Cyril Ramaphosa's Shanduka Group and Iqbal Survé's Sekunjalo Investments were named by the Financial Times as likely buyers of the titles, although there had been several expressions of interest.

Survé said on Wednesday it was "not the policy of myself, or Sekunjalo group, or its holding company to comment on any speculation".

Shanduka group CEO Phuti Mahanyele denied they were investing in Independent News and Media's South African assets.

"We are not looking at an acquisition of Independent News and Media," Business Day quoted her saying.

An INM spokesperson reportedly told the Financial Times it "continues to assess a range of strategic options to deleverage its balance sheet.

"These include cost reduction and productivity initiatives… progressing well. No divestment decisions have been taken by the board."

Tony Howard, CEO of INM SA, was not available to comment.

 

Comments
  • gieljam.gomtor - 2012-07-12 08:47

    The big wheel of the Secrecy Bill turning slowly and snow balling..

  • peter.fraser.92754 - 2012-07-12 08:56

    May I ask...where did these people..that is now Mr Ramaphosa and Surve got the monies from to start these conglomorates ? How come there are not more of our black brethern benefitting , but always a selective few. I know there are hundreds of our black brethern with great business skills that is not "politically" connected...why dont they also get a chance ?Just asking as I get the distinct feeling 1994 was only for a select few.

      Peter Zylstra - 2012-07-12 09:25

      very well said Peter. it is Oh so true!

  • jo.vankatwijk - 2012-07-12 09:05

    If the sale of the media goes to politically connected people then they might as well drop the "Independent" word from the company's title. The few good columnists' articles will also bite the dust and the readers' letters will be sensored or not published. Bye-bye democracy, hello autocracy.

  • althea.meintjies - 2012-07-12 09:13

    Trying their outmost best to compete with Media24...lol...

  • millionwatts1 - 2012-07-12 09:19

    Looking into the future, buying a Newspapaer publishing company doesn't make sense. More and more people read news online. Some hoodwinked BEE outfit might buy though. Personally I wouldn't. If its so good why are they selling anyway?

      ronel.kruger.12 - 2012-07-12 14:34

      There is more to a publishing company than newspapers.Why is Warren Buffet buying up newspaper companies if they are a thing of the past? Same goes for Media 24.

  • steve.ritchie.739 - 2012-07-12 09:43

    Soon to be another cANCer mouthpiece. Seems that Uncle Cyril has done exceedingly well since 94. Maybe they should let him run the country.

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