Radio Africa owner sells shares of the troubled firm to pay off debt

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KISS FM, Classic FM, Radio Jambo, The Star Newspaper, & KISS TV ran by the group

Tiso Blackstar Group, the company that owns 49 per cent of Radio Africa, has announced the sale of its media, broadcast and content businesses in Ghana, Nigeria and Kenya and South Africa to 100% black-owned Lebashe Investment Group.

According to reports, the South African media firm with businesses in Ghana, Nigeria, and Kenya sold its investments to pay off debt.

The firm acquired shares in Radio Africa Group in 2014 for KSh1.6 billion.

This made the South African firm become the majority shareholder in the company that runs KISS FM, Classic FM, Radio Jambo, The Star Newspaper, and KISS TV.

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Radio Africa CEO Patrick Quarcoo

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.

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Tiso Blackstar headquarters

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 sale is expected to become commercially effective by 30 November 2019.

There might be some changes at Radio Africa following the shift in ownership.

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