Competition Tribunal approves Media24 collusion settlement
The Naspers subsidiary’s penalty — one of eight settlements between media companies and the Competition Commission — will come to R54m
A fine to be paid by Naspers subsidiary Media24, for collusion on advertising discounts, will come to R54m, according to the Competition Tribunal.The Competition Tribunal on Wednesday gave its consent to a settlement Media24 reached with the Competition Commission in which the Naspers unit agreed to pay an administrative penalty of R13.8m in addition to contributing R5m to an empowerment development fund over three years.Media24 also committed to giving a 25% discount to small, black-owned advertising agencies, capped at R35m a year for three years.The Media24 case is one of eight similar settlements between media companies and the Competition Commission.The highest administrative penalty went to sister Naspers subsidiary DStv, which received a R22.3m administrative penalty.Caxton received the third highest administrative penalty of R5.8m, followed by Independent Media at R2.2m.Provantage Media received a R1.1m administrative penalty, MTV Networks Africa a R1m penalty, and JSE-liste...
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