South African-based Times Media Group (TMG) has announced it has bought a 49 per cent stake in Radio Africa Limited (RAL)
TMG acquired the minority stake in Radio Africa for US$18.62mn, the firm revealed.
"It will be good for the company, for the staff and for the shareholders. In our view it is a win-win-win deal," said RAL group managing director Patrick Quarcoo.
"No staff or managers will be laid off as a result of the deal. We will continue to run the business as before. The only difference will be that we will be much stronger financially."
Part of the funds will be used to recapitalise the company so that it is debt free, while it will also be retained to fund new investments.
Radio Africa’s radio stations include Kiss FM, Classic FM, Radio Jambo, East FM and XFM, RAL said.
TMG recently expanded its network of radio stations in South Africa, as well as the launch of five radio stations in Ghana last year TMG set up a TV network.
