Blackstar proposes takeover of TMG

Investment company Blackstar, which currently owns 32.5% of Times Media Group (TMG) shares, has announced its intention to acquire the remaining 67.5%. TMG would then become a wholly owned subsidiary of Blackstar. TMG has appointed an independent board to consider the offer.

Blackstar and Times Media CEO, Andrew Bonamour said the move demonstrated the investment company's commitment to the media group. "We believe the group is heading into a very profitable future with a great mix of high quality legacy print media and new ventures in the broadcasting and digital spaces across the continent and we are backing that belief with this investment."