This matter dates back to 2011 when Independent Media was under the ownership of the Irish-based Independent News and Media (INM).
With the acquisition of Independent Media by a Sekunjalo consortium in 2013, Independent Media became the largest black-owned South African media company.
Sekunjalo embarked on a clean-up of all its business practices when the company took ownership in 2013. This included co-operating fully with the Competition Commission's investigation.
In terms of the agreement reached with the commission, Independent Media has agreed to pay an administrative penalty. In addition, the company will make a contribution to the Economic Development Fund to be managed by the Media Development and Diversity Agency (MDDA), over three years. This fund provides assistance to small black-owned media and advertising agencies and bursaries to black students studying in media and advertising.
Independent Media will also provide 25% bonus advertising space for every rand of advertising space bought by qualifying small agencies which are majority owned by black people. The company will obtain its own credit insurance so that these small agencies will not be required to commit any guarantees when booking advertising space.
Independent Media is satisfied with the outcome and is committed to working with and supporting the development of small black-owned media and advertising agencies.