Times Media Group (TMG) said that it has purchased a controlling stake in Radio Africa Limited. The South African media firm’s deal with the Kenya-based company was valued at USD18.62 million. TMG’s acquisition deal was a move for the company to expand its African operations, reported Ventures Africa.
Radio Africa Group Managing Director Patrick Quarcoo said, “This can only be good news for everyone concerned.” He also added that the acquisition would not cause furloughs to the company’s staff, reported Ventures Africa. Quarcoo also confirmed that the organization’s management would not be changed except for more added funds resulting from the acquisition, said the Ventures Africa report.
Radio Africa Group plays a major role in the Kenyan media industry. The media company’s arm included Classic FM, East FM, XFM, Kiss FM and Radio Jambo. The media group also has a controlling stake in the Star newspaper.
TMG’s Chief Executive Officer Andrew Bonamour said, “We now have exposure to fast-growing markets in west and east Africa and backing management teams in those countries,” said Bonamour.
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