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Ireland/South Africa: Major newspaper sale awaits regulatory approval

By  |  April 10, 2013
Ireland/South Africa: Major newspaper sale awaits regulatory approval

The Competition Commission has yet to approve of a major sale announced this week, which lands the Independent Newspapers & Media SA group in the hands of privately-held Sekunjalo Holdings. While the acquisition was finalized last week, the Commission, as well as the Reserve Bank, must approve of the deal. The INMSA group owns 18 newspapers, including the Cape Times, the Star and Pretoria News. Its parent company, Independent Newspapers & Media, based in Ireland, has been riddled with debt issues; media reports say that the group will use all proceeds of the sale to pay off those debts.

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