BDFM publishes business titles including Business Day, Financial Mail and is the parent company of Summit TV.
Avusa will acquire Pearson’s 50% shareholding in BDFM Publishers and become the sole shareholder.
“Newspapers and the entire news industry are undergoing fundamental structural change, requiring new investment, new ways of doing business and often difficult decisions,” TMG said by way of rationale for the purchase.
“The full acquisition of BDFM by TMG will allow for economies of scale, an integrated operations platform and operational synergies, and will permit BDFM, under unified ownership, to accelerate its digital transformation,” it said.
TMG says it believes it can further develop and enhance the current BDFM television offering which it believes could be a growth area.
BDFM owns 100% of African Broadcasting Channel which broadcasts Summit, Home Channel, Ignition and Saffron channels on DSTV in Southern Africa.
According to TMG, BDFM will continue to have an ongoing relationship with the Financial
Times Limited (FT) through a content syndication agreement, and a programme through which BDFM journalists benefit from training placements at the FT.
The board of directors of BDFM will establish an Independent Committee to provide input regarding the appointment and dismissal of editors from time to time of the titles Business Day and Financial Mail, and any other standalone daily or weekly titles published by BDFM.