MEDIA24 has bought the specialised magazine division of Primedia Publishing, which includes about 17 titles. A new division called Media24 Business Magazines would be formed, Media24 CEO Francois Groepe said, writes Chantelle Benjamin in Business Day.
Media24 Magazines CEO John Relihan said there was a good fit between the Media24 stable of predominantly consumer and customer magazines and Primedia's business titles, which include Advantage and Money Marketing .
"We firmly believe in the strength of having a diverse portfolio and look forward to unlocking the synergies," Relihan said .
The acquisition price was not disclosed.
Media24 is media giant Naspers 's print and publishing arm . It is believed the sale did not fall foul of the Competition Commission because they are all specialist business to business publications.
The Primedia Publishing magazine division will be moved intact, with its MD Jacques Breytenbach, to Media24's Sandton offices.
Primedia CEO Kuben Pillay said the sale " was necessitated by the fact that traditional publishing had gradually become noncore to the group (Primedia), and as such, our ability to develop our personnel and afford them the career development opportunities they deserved was severely inhibited.
"We found ourselves unable to effectively leverage the publishing business and therefore sought to find a buyer who could exploit the synergies more successfully, and benefit from the additional scale."
Click here to read the full report, posted on Business Day's website.