Though it has largely stripped down to being a pure media play, there is a compelling operational depth at Tiso Blackstar Group (TBG) that most market watchers have been overlooking. The core remains Times Media Group — the largest national English publishing group (with titles like the Sunday Times, Business Day, the Sowetan and the Financial Mail) but the company has made great strides online and now ranks as the second-largest digital publisher in SA. Then there are the niche broadcast media assets in SA, as well as promising radio and television platforms in Kenya, Nigeria and Ghana. TBG is also the owner of a sprawling music (Gallo) and independent film catalogue, and a serious player in the retail solutions market through Hirt & Carter. There are several factors that make TBG worth mulling as an investment at this juncture, besides the underlying operating assets appearing woefully undervalued.
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