South African publisher, Times Media Group Ltd. (TMG), is to start a new television station as part of its expansion plans in southern and west Africa
TMG CEO, Andrew Bonamour, said that a channel being developed with satellite provider DSTV would be launched soon.
“We see our TV side as our growth side, so we’re going to be investing and developing new channels because they are profitable,” he was quoted as saying by Bloomberg.
Bonamour added that the company may also launch a new radio station within the next month.
Times Media aims to raise substantial funds by selling off assets that are no longer seen as part of the company’s business model, according to Bonamour. These assets include the Nu Metro cinema division and retail chain Exclusive Books.
“Times Media over the last decade lost its way a bit and invested in non-core assets where they didn’t have expertise,” said Bonamour. “We’re hoping the stuff that we’re disposing of is not going to have a massive impact on our earnings. We will generate quite a bit from the sales.”