South Africa’s Times Media Group (TMG) on Monday said it had acquired BDFM’s 50 percent stake it did not already own.

The media giant did not disclose the purchase price but the company will now own 100 percent of BDFM.

Before this deal, TMG owned the other 50 percent of BDFM while Pearson owned another 50 percent of BDFM.

BDFM publishes Business Day (BD) and Financial Mail (FM) while Pearson publishes the influential Financial Times.

This scheme of arrangement has been going on since 1997 in South Africa.

TMG said its full acquisition of BDFM will allow for economies of scale, an integrated operations platform and operational synergies.

This acquisition will also allow BDFM, under unified ownership, to fast-track its digital transformation.

Additionally, TMG believes it can further grow and improve the current BDFM television programming which it believes could be a growth area in the future.

BDFM owns 100 percent of African Broadcasting Channel which broadcasts Summit, Home Channel, Ignition and Saffron channels on DSTV in Southern Africa.

The acquisition is subject to the approval of the conclusion and implementation of the acquisition agreement in terms of the Currency and Exchanges Act, 1933.

The acquisition is also subject to the approval by the competition authorities and the conclusion of a new lease agreement between Financial Times (FT) and TMG relating to the lease by FT of office space utilised by its employees working in South Africa.

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