The sale includes its stable of TV channels under its Blackstar TV division like The Home Channel (DStv 176), Ignition (DStv 189) and Business Day TV (DStv 412) that are available on MultiChoice's DStv satellite pay-TV service, as well as its TV production division, Ochre, making TV content for various channels.
The transaction is subject to regulatory approvals but should become commercially effective by 30 November 2019.
Besides its TV channel assets, Tiso Blackstar with a presence in South Africa, Ghana, Nigeria and Kenya owns newspapers like The Sunday Times, Business Day and Financial Mail.
Tshepo Mahloele, Lebashe Investment chairperson, says in a statement "We believe that Lebashe provides a compelling growth opportunity for the media, broadcasting and content businesses in the Tiso Blackstar stable".
"Our combination of specialist Pan-African expertise, technological and financial acumen, make us the ideal partner to take this business to the next level."
"As long-term investors, we are quite excited about this transaction which complements our current portfolio and growth trajectory. We anticipate that our newly acquired media assets will play a critical role in our ambition to create a significant investment company on the continent."
"Whilst the media industry, in general, is undergoing disruption, we believe that the assets we are acquiring are generating sustainable revenues to withstand the change in the medium term."
"Moreover, we are acquiring leading brands supported by a good team. It is our plan to support the editorial team with an advisory council made up of eminent local and international persons. Our long-term approach to investing will also enable us to focus on the growth of quality journalism which should add to the positive experience of our customers and the country in general," said Tshepo Mahloele.
"We look forward to working with the management team to take the business to the next level in this highly competitive media landscape. We are cognisant of the fact that we are acquiring mature, but quality media assets with a rich heritage built on the back of quality journalism supported by discerning and loyal readers."
"We plan to maintain and enhance the distinctive value proposition offered by these various platforms to the readers and advertisers, as we explore new growth areas for the business including creating a Pan-African wide media platform using technology as an enabler."
Andrew Bonamour, Tiso Blackstar CEO, says "This is a perfect opportunity for a new owner to take it to greater heights".
