Tiso Blackstar rebounds from early-morning plunge
Tiso Blackstar shares recovered from early-morning lows at midday on Monday, after plunging 19.1% at the JSE opening amid reports the media company was eyeing a takeover of Primedia. At 12.58pm the stock was 2.25% lower at R8.70 after falling to R7.20 earlier. It is down 1.14% for the year so far. Reports indicated talks on the takeover of Primedia were at an advanced stage. But Primedia CEO Roger Jardine denied the group was for sale. Unlisted Primedia owns Eyewitness News and its four radio stations have a total reach of more than 3-million people, Intellidex reported in July. Brait, the Mineworkers Investment Company, FirstRand and Old Mutual are among its shareholders. Tiso Blackstar owns 100% of Times Media Group, publisher of Business Day and Business LIVE, and 22.9% of Kagiso Tiso Holdings, which owns Kagiso Media. It has announced its intention to sell the Kagiso Tiso Holdings stake.
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