Media firm Tiso Blackstar Group, has sold its entire business to Lebashe Investment Group.
The South African company which prior to the sale owned 49 percent of Radio Africa and also had businesses in Ghana, Nigeria, and Kenya, reportedly sold its investments to pay off debt.
In 2014 Tiso Blackstar Group, acquired shares in Radio Africa Group for 1.6 billion Kenyan Shillings.
As a result of the 2014 acquisition, the South African firm became the majority shareholder in the company which runs Classic FM, KISS FM, KISS TV, Radio Jambo, and The Star Newspaper.
Other Shareholders in Radio Africa include Dr. Evans Kidero, Kiprono Kittony, Sudhir Vidyarthi, and the company founders; Patrick Quarcoo and William Pike.
As is the case with most media companies around the world, Tiso Blackstar Group has reportedly been going through financial challenges.
In the last eight years, the company’s share price at the Johannesburg Stock Exchange suffered a drop of 80 per cent.
According to Kenyan Wallstreet, Its Kenyan partner; Radio Africa Group, is also said to be going through tough times as well, with complaints of delayed salaries by some employees.
The CEO of Tiso Blackstar Group said that the sale is “a perfect opportunity for a new owner to take the company to greater heights.”
The acquisition by South Africa’s Lebashe Investment Group is expected to be finalized before the end of 2019.
Following the shift in ownership, there might be some changes at Radio Africa.
