South Africa's black-owned Mineworkers Investment Company (MIC) has taken control of one of the country's biggest media firms, Primedia, in a deal worth R246 million, MIC said, according to a report in Business Report.
Primedia said in a statement MIC had raised its stake to 49 percent from 32 percent. Primedia was delisted in September 2007 after being bought out by management, MIC and private equity firm Brait, which owns 19 percent.
The deal makes MIC the biggest shareholder and gives it operational control of Primedia, which owns a clutch of influential radio stations and South Africa's biggest cinema chain.
Click here to read the full report, posted on Business report's website.