M&G Media Limited has bought back the 65 percent shareholding in M&G Online it sold to M-Web in 1995, it was announced, according to a report on iol.co.za.


This means the website is again wholly owned by M&G Media, the company said in a statement.

"The long-awaited acquisition was finalised in Johannesburg on Thursday.

"The move is certain to help the website stamp its authority on the multimedia and multiplatform online news environment," it said.

M&G Media originally sold the M&G Online shareholding to bring on board a technology partner.

"This is an exciting moment for us all, as the acquisition will give us greater impetus to continue innovating in the online environment and digital journalism, and to build on the multimedia platform we already have in place," M&G Media Chief Operations Officer Hoosain Karjieker said.

M&G Media publishes the weekly Mail & Guardian newspaper and is 77,5 percent owned by Trevor Ncube.

Launched in 1994, the website – www.mg.co.za – was the continent's first internet-based news publication and has grown to become one of the country's top three biggest news sites with 500 000 visitors a month and a number of international awards to its credit.

Click here to read the full report, posted on iol.co.za.