Tiso Blackstar Group, the company that owns 49 per cent of Radio Africa, has sold its entire business to Lebashe Investment Group. The South African media firm with businesses in Ghana, Nigeria, and Kenya sold its investments to pay off debt.
Tiso Blackstar acquired shares in Radio Africa Group in 2014 for KSh1.6 billion. Following the acquisition, the South African firm became the majority shareholder in the company that runs KISS FM, Classic FM, Radio Jambo, The Star Newspaper, and KISS TV.
Other Shareholders in Radio Africa include; Kiprono Kittony, Dr. Evans Kidero, Sudhir Vidyarthi, and the company founders – Patrick Quarcoo and William Pike.
Like most media companies around the world, Tiso Blackstar has been going through financial challenges. In the last eight years, the company’s share price at the Johannesburg Stock Exchange has dropped by 80 per cent. Its Kenyan partner, Radio Africa Group, is also said to be going through a rough patch with complaints of delayed salaries by some employees.
Tiso’s CEO 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. There might be some changes at Radio Africa following the shift in ownership.