Cape Town – The Competition Commission has approved, without conditions, an intermediate merger whereby the media and advertising company Primedia acquires Primedia Interactive and Primedia Lifestyle from Old Mutual.
In a statement issued on Monday, the body said the proposed transaction is unlikely to “substantially prevent or lessen competition in any market, or raise any public interest concerns.
Primedia is a leading media and advertising group with a broad portfolio of broadcasting, out-of-home and cinema and entertainment assets, covering a wide range of advertising opportunities including radio stations and out of home media, as well as a cinema chain.
Primedia Interactive and Primedia Lifestyle operate in mall advertising, mall activations and mall marketing business. In particular, Primedia Lifestyle provides marketing services to retail shopping centres, while Primedia Interactive provides of advertising services to advertisers in retail shopping centres.
In October there were reports that Times Media Group (TMG) with print titles, such as Business Day, The Times and Financial Mail and digital publications such as BusinessLive, had plans to buy Primedia from its shareholders, but the rumours were later refuted by TMG CEO Andrew Bonamour, BusinessLive reported.
In Monday's statement, the Commission found that the proposed acquisition by Primedia is unlikely to substantially prevent or lessen competition in any market. In addition, the proposed transaction does not raise any public interest concerns.
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