{"id":51316,"date":"2014-01-06T12:01:43","date_gmt":"2014-01-06T10:01:43","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=51316"},"modified":"2014-01-07T15:00:22","modified_gmt":"2014-01-07T13:00:22","slug":"tmg-offloads-nu-metro-cinemas","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/media\/51316\/tmg-offloads-nu-metro-cinemas\/","title":{"rendered":"TMG offloads Nu Metro Cinema"},"content":{"rendered":"

Times Media Group<\/a> has\u00a0concluded the disposal\u00a0of its Nu Metro\u00a0Cinema<\/a> division\u00a0to\u00a0Subcocept, a purpose built company\u00a0funded by private equity company, One Fifty Capital.<\/p>\n

The media group has also offloaded its associated cinema\u00a0advertising business Popcorn Cinema Advertising Sales,\u00a0a Division of TMG, and Avusa Entertainment Investments.<\/p>\n

TMG will dispose of 100% of Nu Metro and Popcorn\u00a0Advertising for a purchase consideration of R75 million\u00a0payable in cash.<\/p>\n

One Fifty Capital is an independent private equity firm\u00a0providing capital for small to medium start-up enterprises in\u00a0the property, education, entertainment and gaming industries\u00a0with offices in KwaZulu-Natal, South Africa and Nicosia,\u00a0Cyprus.<\/p>\n

As part of TMG\u00b4s turnaround strategy, it has specifically\u00a0decided to exit non-core businesses identified within TMG, including Nu Metro,\u00a0the 2nd largest cinema operator in Southern\u00a0Africa, operating 17 cinema complexes with 162 screens.<\/p>\n

The proceeds of the Disposal will be used to reduce\u00a0acquisition leverage with respect to future acquisitions\u00a0more aligned to TMG\u00b4s core business, the group said.<\/p>\n

TMG has also sold a\u00a051% shareholding in Monte Cinemas to\u00a0Tsogo Sun Casinos for R20 million cash;\u00a0and\u00a050% shareholding in Three Groups Cinemas\u00a0to Whitehorse Investments and\u00a0Avalon Three Groups Investments for R18\u00a0million in cash.<\/p>\n

Accordingly the total sale proceeds for the entire TMG\u00a0cinema assets as described above amounts to R113 million.<\/p>\n

More on TMG<\/h3>\n

Tsogo Sun purchases Monte Cinema<\/strong><\/a><\/p>\n

Times Media to acquire textbook reseller<\/strong><\/a><\/p>\n

Times Media confirms BDFM takeover<\/strong><\/a><\/p>\n

Times Media to offload Exclusive Books<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Times Media Group has concluded the disposal of its Nu Metro Cinema division and Popcorn Cinema Advertising to Subcocept, for R75 million.<\/p>\n","protected":false},"author":10,"featured_media":43862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5554],"tags":[26,7263,7264,3741],"class_list":["post-51316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media","tag-headline","tag-nu-metro-cinema","tag-popcorn-advertising","tag-times-media-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=51316"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51316\/revisions"}],"predecessor-version":[{"id":51388,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51316\/revisions\/51388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/43862"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=51316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=51316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=51316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}