Kagiso Media has bought an additional 20% of Jacaranda FM, and 49% of multi-media sales house, Mediamark. This means the company now owns 100% of the shares available in both companies. The shares were held by Lagardère Active Radio International (LARI).
“Jacaranda FM is one of South Africa’s most successful commercial stations, with a large and loyal following from listeners and clients alike. It has a solid digital offering with engaging on-air talent, and we are delighted to be integrally involved in its future,” said chairperson of Kagiso Media, Mbonisi Danisa (left).
He said the transaction was motivated by continued confidence in the radio sector and, in particular, the ability of both businesses to perform under tough economic circumstances.
Mediamark, he added, had a diversified portfolio of media types and was well positioned to continue its role as a trusted partner to clients and agencies looking to navigate an increasingly complex media environment. “This is a best-of-breed business and increased local shareholding is part of its transformation journey, for the benefit of its staff and its customers,” Danisa said.
Kagiso Media manages both businesses so no disruption to current operations was expected. Furthermore, LARI representatives would continue to serve on the Mediamark board until the Mediamark transaction becomes unconditional.
LARI is a division of listed French media organisation Lagardère. It was a founder investor in both businesses in the mid ’90s, when the commercial radio industry was born out of the privatisation of the SABC’s regional services.