This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Irish Firm Sells S. African Newspapers For $227M


JOHANNESBURG (AP) â¿¿ An Irish media company has sold off its newspaper group in South Africa, including The Star and newspapers in Cape Town, to a local investment group for $227 million, the firm has announced.

Dublin-based Independent News & Media PLC said the sale, which would require approval from its shareholders and regulators in South Africa, would see its newspapers and other holdings go to a consortium led by Sekunjalo Holdings. That investment firm, with investments in some 70 private and public companies, is led by executive chairman Iqbal Surve, a doctor who once gave medical aid to political prisoners released from Robben Island at the end of the apartheid era.

In a statement issued late Sunday night, Independent News & Media said the deal also required a final agreement signed by both parties. The company declined to elaborate further on terms of the deals.

Independent News & Media's South Africa portfolio includes the Johannesburg-based The Star newspaper, a leading daily with a circulation of some 105,000 copies, according to the Audit Bureau of Circulations of South Africa. It also includes The Pretoria News and the Cape Times and the Cape Argus, as well as weekly newspapers. The company is the largest newspaper company in the country, Independent News & Media has said, and includes the popular website and portal IOL.

The Star's Monday edition quoted Surve as saying that he had a strong personal commitment to editorial independence and that the newspapers would "reflect the views of everybody and ... must support democracy and the growth of the economy."

"I am delighted that I have the opportunity to bring these newspapers, this national asset, back to South Africa," Surve said.

Rumors have swirled for months that Independent News & Media would sell off its South African newspaper group. The Irish company bought the newspaper chain in the mid-1990s from Anglo American, a major mining company in South Africa. In 2011, the company's South Africa portfolio announced an operating profit of $50 million, though it acknowledged a downward trend in newspaper circulation. Overall, Independent News & Media announced a $100 million operating profit for 2011, down 8.6 percent from the year before.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs