Johannesburg – Times Media Group (TMG) has reached an agreement with Pearson Overseas Holdings to acquire Pearson’s 50% shareholding in BDFM Publishers‚ the company announced on Monday.
The deal was struck through its subsidiary Avusa Publishing Proprietary Limited. Following the implementation of the acquisition‚ Avusa Publishing will be BDFM’s sole shareholder.
Business Day reported earlier on Monday that TMG‚ which owns Sunday Times and is part-owner of Business Day and Financial Mail publisher BDFM‚ had been making moves to buy out the stake from Pearsons‚ in a deal called "Project Springbok".
The deal puts Business Day‚ the Financial Mail and the African Broadcasting Channel‚ which owns Summit Television or Business Day Television‚ 100% under the control of TMG.