Lebashe Investment Group may have to deal with a myriad issues following the announcement on Thursday that it had signed an agreement to buy the media assets of the Tiso Blackstar Group for over R1-billion.
Tiso owns Sunday Times, Sowetan, Financial Times and Business Day among its many titles. Last month the company was forced to offload its loss-making weekly tabloid, Sunday World, selling it to businessman David Mabilu.
Lebashe will take over Tiso Blackstar’s media, broadcast and content businesses in South Africa, Ghana, Nigeria and Kenya .
Former deputy finance minister and Lebashe non-executive director Jabu Moleketi told The Star that it was still too early to make pronouncements on issues such as retrenchments and other matters bedevilling the company.
“We are going to look at all the businesses, meet senior management and do proper due diligence before making any pronouncements, even about retrenchments,” Moleketi said.
Lebashe chairperson Tshepo Mahloele said: “As long-term investors we are quite excited about the transaction, which complements their current portfolio and growth trajectory.”
