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Kagiso furthers interest in Jacaranda 94.2
The recent additional 20% stake by Kagiso Media in Jacaranda 94.2 should increase the media group's earnings, as well as cash returns, and build upon the company's strategy to increase its stake in its high margin radio assets. Kagiso also believes its higher stake will have a positive cascade effect for marketers, shareholders and listeners.
"The station contributes significantly to our bottom line and has been a strong revenue earner since we took control at the end of 2004," comments Omar Essack, executive director, Kagiso Media.
"For us, it was a natural progression to up our investment in one of South Africa's premier radio brands. This is an asset that continues to innovate and deliver results to advertisers, listeners and shareholders."
Kagiso Media has had a controlling interest in the radio station since 1 August 2004, effectively owning 60% of the station. Kagiso now owns 100% of East Coast Radio and 80% of Jacaranda 94.2, and has strategic equity stakes in Heart 104.9, iGagasi 99.5, Ofm and Kaya fm.
Since the station's re-branding and repositioning to have a more contemporary sound and feel, Jacaranda FM has both rapidly grown market share in Gauteng and become the country's top radio revenue earner for the first time in its history, according to Ad Ex.
"The two drive shows at the station are now highly rated for their entertainment value," he concludes. "Jacaranda's commitment to thorough and consistent research has helped produce the finest Adult Contemporary music playlist in the region."
