Caxton applies to intervene in Media24 and Novus merger hearing
The Competition Tribunal is to hear an application on Wednesday, 7 June, by Caxton and CTP Publishers to intervene in a merger hearing whereby Media24 intends to acquire Novus Holdings.
Media 24 is a subsidiary of Naspers, the holding company for a diversified multinational portfolio of media and e-commerce platforms. Media24 conducts the print media publication business of the Naspers Group. The operational printing business of the Naspers Group is indirectly held by Media24 through its shareholding in Novus.
Media24’s business has historically comprised activities in print media, but it is increasingly developing digital media and ecommerce businesses.
Novus is controlled by Media 24 and is a commercial printing operation with services including printing solutions for newspapers and magazines. Novus controls several firms including Paarl Media Holdings; Paarl Media; and Print Media Paarl.
Media24 does not wish to acquire or retain sole control over Novus and, accordingly, the Commission recommends that the Tribunal approve the proposed merger subject to a divestiture condition whereby Media24 will no longer control Novus.
Caxton says it has a material and substantial interest in the matter. It submits among other things that Naspers chairman Koos Bekker be called to provide evidence on control structure involved.
It also wishes to intervene on the impact of the exclusive contracts between Media24 and Novus and its effect on the printing market in SA.
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