Posted by MEGAPRO | Corporate

An equity deal signed by the Mineworkers Investment Company (MIC), Primedia and Brait gives the empowerment partners almost 50% ownership of the media company – making MIC the largest single shareholder in Primedia and making this the largest broad based black economic empowerment (BBBEE) shareholding in the media sector.

The partners see the deal as more than simple ownership, but a move towards the transformation that empowerment deals are intended to facilitate. “Transformation is a belief system, not a scorecard,” said Primedia CEO, William Kirsh, “and if you have the belief, which we do, the scorecard is easy.” Paul Nkuna, CEO of MIC concurred: “This deal takes BEE to the next stage as a black owned company takes ownership and operational control of one of the best media companies in South Africa, and shows us to be strong business players with skills honed over the almost 12 years we have been invested in the company, rather than just a necessary empowerment partner”.