Radio Africa (Kiss 100, Classic FM, Radio Jambo &East FM) Sold For 1 Billion Shillings

Exactly a month ago, I broke the story that Radio Africa shareholders had reached an agreement with a South African consortium to sell them a majority stake in the company. Why is this significant? Well, because Radio Africa is the parent company of Kiss 100, Classic Fm, Radio Jambo, East FM and The Star. And these companies -well, atleast Kiss 100 and Classic Fm make the biggest bulk of monies earned in the radio sector.

Back then, details were sketchy but my source who wasn’t in the boardroom during the meeting but was right outside was right on the money. And for that I am forever grateful.

<Patrick Quarcoo at a past event>

Photo/IMG Events & PR

Anyway, more details have been made available and I can now reveal that the company was sold for over 1 billion shillings. And the South African consortium that bought it out is Times Media Group. TMG acquired the majority stake in Radio Africa for $18.62 million (Sh1.58 billion).

it is reported that a substantial portion of the funds will be used to recapitalise the company essentially setting it debt free. A further portion of the funds will be retained to finance new investments -read going digital.

Keep it Ghafla for more details as they emerge.