Lagardère announces the disposal of the Jacaranda radio station and the signing of an agreement for the sale of the Mediamark advertising sales brokerage to South African group Kagiso Media

As part of its strategic refocusing on Lagardère Publishing and Lagardère Travel Retail, the Lagardère group is today announcing the completion of the following transactions for the disposal by Lagardère Active Radio International (LARI) of its businesses in South Africa to long-standing fellow shareholder, the Kagiso Media group:

• the disposal on 7 February 2019, of the 20% interest held by LARI in Jacaranda FM Proprietary Limited, owner of Jacaranda FM, South Africa’s number 1 private radio station, to the Kagiso Media group. Jacaranda contributed around €1.8 million to Group recurring EBIT in 2018;
• the signing of an agreement for the sale of the 49.99% interest held by LARI in the Mediamark Proprietary Limited advertising sales brokerage to the Kagiso Media group. The closing of this transaction is subject to clearance from the South African regulatory authorities.

The sale price for Jacaranda was ZAR 233 million (just over €15 million)⁽¹⁾.
The sale price for Mediamark is estimated at ZAR 30 million (around €2 million)⁽¹⁾.

The Lagardère group is proud to have contributed to the creation of a leading brand and recognised advertising brokerage alongside Kagiso Media, the leading player in South Africa’s radio segment.

⁽¹⁾ At current exchange rates.