4 August 2017
Media24 today announced that the Competition Tribunal has approved the merger of Media24 and Novus.
The company announced in April that the Competition Commission had recommended the merger to the Competition Tribunal for approval. The Tribunal approved the merger on 3 August 2017.
The approval includes a condition that Media24 divest itself of the majority of its shareholding in Novus while retaining a non-controlling minority stake of 19%.
Media24 is now required to unbundle the majority of its shareholding in Novus to Naspers, its ultimate holding company, and thereafter to Naspers’s shareholders.
In accordance with the Tribunal’s order, Media24 will now proceed to implement the regulatory steps necessary to for it to become a 19% non-controlling shareholder in Novus.