South African media group Caxton has sold its remaining stake in Times Media Group (TMG), according to a report.
Business Report reports Caxton has sold its remaining shares to Blackstar Group, founded by Andrew Bonamour, chief executive officer (CEO) of TMG, and now owns 32.3 per cent of the company.
The sale by Caxton comes after it reduced its stake in TMG from 11.6 per cent in June last year to 7.53 per cent in January.
HumanIPO reported last month TMG had acquired a stake in KwaZulu-Natal based radio station Zuma FM after its acquisition of 65 per cent of Mpumalanga-based radio station Mpower FM.
The announcement came three weeks after the company made public its sale of Nu Metro cinemas for US$7 million.
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