Monday, February 18 07:47:37
Independent News and Media has agreed details of a deal with Sekunjalo Independent Media Consortium for the sale of its South African business. The deal is worth about E170m according to RTE News.
The disposal of the South African business will require both Independent shareholder approval and Competition Commission approval in South Africa. Independent News and Media is selling the business to pay down some of its E430m debt. It said the details of the deal will remain confidential. Last week the company said it was attempting to remove the chief executive of an Australian media operation in which it has a 29pc stake