Shares in Times Media Group (TMG) advanced 16.5% in morning trade on the JSE on Friday, after the group issued a cautionary announcement.<\/p>\n
TMG, which owns SA newspaper titles including the Sunday Times, the Times, Business Day and the Sowetan, added R3.54 to trade at R24.99 a share, giving the group a market cap of around R3 billion.<\/p>\n
The group released the following brief statement on SENS:<\/p>\n
“Shareholders are hereby advised that there are new developments relating to the Company which may have a material effect on the price of the Company\u00b4s securities.<\/p>\n
“Accordingly, shareholders are advised to exercise caution when dealing in the Company\u00b4s securities until a full announcement is made.”<\/p><\/blockquote>\n
In April, Times Media said it had entered into an agreement to acquire a 49% stake in Radio Africa (RAG) in Kenya for R195 million \u2013 another step in playing out its broadcast-focused strategy.<\/p>\n
RAG is a radio, TV and newspaper business in Kenya, operating three of the top five radio stations in Nairobi, namely Kiss FM, Radio Jambo, and Classic 105.<\/p>\n
At the start of the year, TMG announced the acquisition of a 60% interest in KwaZulu-Natal gospel radio station Vuma FM, for R25.6 million.<\/p>\n
And in December 2013, it acquired a 65% interest in Mpower FM Radio, a commercial radio broadcaster based in Nelspruit, Mpumalanga, with a satellite studio in Emalahleni.<\/p>\n
In September, TMG announced the launch of its online streaming entertainment service, Vidi<\/a>.<\/p>\n
More on Times Media Group<\/h3>\n
Sunday Times to launch online<\/strong><\/a><\/p>\n
Times Media makes R195 million broadcast move<\/strong><\/a><\/p>\n