Printing and manufacturing group Novus Holdings, which is struggling to replace the loss of annual revenue of R560m from its printing contract with Media24, has won the contract to print Independent Media’s newspapers and magazines for five years from August 1 2018. The new contract will provide some comfort for the debt-free group, which remains susceptible to takeover following the 2017 decision by Naspers to reduce its holding from 68% to 17% in line with a ruling from the competition authorities. Novus would not provide details of the value of the contract with Independent Media but one industry source said the newspaper portion was worth about R20m a month, with the magazines expected to contribute a smaller amount. The contract will also make a much smaller contribution to Novus profit at around R20m a year. The Media24 contract accounted for 21% of Novus’s revenue until April 1 2018 when large portions of it were transferred to Caxton. Novus CEO Neil Birch said that the contr...
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