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Johannesburg– Times Media (TMG) has sold its 51% stake in Monte Cinemas Proprietary to Tsogo Sun Casinos for R20m in cash as part of the media company’s turnaround strategy‚ which includes exiting non-core business entities.
Times Media said on Tuesday it was also in the process of disposing of Nu Metro Cinemas.
In addition to the Monte disposal‚ the media group also disposed of its 50% shareholding in Suncoast Cinemas for R17m.
Suncoast Cinemas also provides film entertainment and related services to the South African market and as such‚ is similarly not aligned to TMG’s core businesses.
Times Media said on Tuesday it was also in the process of disposing of Nu Metro Cinemas.
In addition to the Monte disposal‚ the media group also disposed of its 50% shareholding in Suncoast Cinemas for R17m.
Suncoast Cinemas also provides film entertainment and related services to the South African market and as such‚ is similarly not aligned to TMG’s core businesses.
