Times Media says that the sale of a number of ‘non-core assets’ is almost complete, following the most recent offloading of cinema chain, Nu Metro.
This is according to the Sunday Times, which is owned by Times Media.
The paper reported that CEO Andrew Bonamour will now look to build the company into a pan-African media house focused on content, radio, TV, digital and newspapers.
Bonamour noted that only small book-related assets were left on its unwanted list, with the sale process ‘largely complete’.
Bonamour’s Blackstar bought 20% of the media company in 2013 as Tokyo Sexwale’s Mvelaphanda group sold out, and has since upped its share to 25%.
The private equity owners immediately identified assets they deemed ‘non-core’ while “cleaning up the balance sheet”.
The Sunday Times pointed out that the media company kept the film business and catalogue of movies with content useful for its TV and radio ambitions.
In December, TMG acquired a 65% interest in Mpower FM Radio, a commercial radio broadcaster based in Nelspruit, Mpumalanga, with a satellite studio in Emalahleni.
“It is the intention of TMG to re-launch and re-brand the station in early 2014 as part of a larger broadcast strategy in South Africa and Africa,” TMG said in a statement.
In August, TMG sold its investment and market data business, I-Net Bridge to Naspers-owned McGregor Bureau for Financial Analysis (BFA) for R115 million. It also sold Exclusive Books and The Van Schaik Group of Companies for R435 million.