Andrew Gill, the Avusa Group Executive responsible for business development, says the media group is not prepared to disclose the purchase amount.
Because the acquisition had to be approved by the Competition Commission as a medium-sized (intermediate) acquisition, it can, however, be inferred that the amount exceeded R30-million.
Debbie Lea, joint MD of Airport Media, says the purchase will not affect the day-to-day running of the business. “It is a change of shareholders.”
Lea says it is to Airport Media’s advantage to become part of a “big group like Avusa”, which has many contacts.
Gill says Avusa’s decision to enter the out of home market is part of a strategy to invest in high growth segments.
“Digital, out of home and mobile are relatively small segments, but they will increase their current market share and at a higher rate than our existing assets (including newspapers).”
Both Lea and Suzanne Roberts, co-founders of Airport Media, remain shareholders and will retain management control. Airport Media will form part of Avusa Media.