Independent News Agrees to Sale of S.African Unit for $226 Million

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By: Reuters

(Reuters) – Media group Independent News & Media (INM) has agreed to sell its South African unit to a consortium of investors for 2 billion rand ($226 million), the Irish company said on Sunday.

INM said “detailed heads of terms” have been agreed on the sale of Independent News & Media South Africa, which publishes the Star, the Pretoria News and the Cape Times, to the Sekunjalo Independent Media Consortium.

The consortium is led by Sekunjalo Holdings, among the leading black investment groups in South Africa.

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