Novus says it has completed its R43m acquisition of Media24 publications, On the Dot

Printing group Novus Holdings said on Wednesday it has completed its about R43-million acquisition of three Media24 divisions. This entails a distributions business, On the Dot; its community newspaper portfolio; as well as football-focused Soccer Laduma and Kick Off.

The JSE-listed group said in a brief statement that various approvals, including from the Competition Commission, have now been received. The transaction represents about 1.6% of its market value, which stood at R2.75 billion as of Tuesday.

The Competition Commission had given its approval in October, which means that Media24 is also proceeding with its restructuring plans, which involve closing the print editions of Beeld, Rapport, City Press, and Daily Sun, and shutting its SNL24 digital hub. It has said previously this reflects shifting consumer demand towards digital content.

Novus on Wednesday also flagged a between 96.3% and 116.3% rise in its headline earnings per share for its six months to end-December, from 28.77c, or R92.3 million previously.

In its brief statement, it said it benefitted from orders received during the period under review, which were historically processed in the second half of the year, and from profits from derivative instruments.

Its shares had risen 3.8% on Wednesday afternoon and have now gained almost 105% in the past year.

*News24 is part of Media24.**