Johncom receives offer for M-Net stake

JOHANNESBURG – South African media firm Johnnic Communications Ltd.

(Johncom) has received an offer for its stake in pay-TV channel M-Net and sports channel Supersport, pushing its shares up more than seven per cent. Johncom said on Friday its board was reviewing the offer and urged shareholders to exercise caution in dealing in the group’s shares.Johncom owns 36 per cent of M-Net and rival Naspers owns the rest.No one at South Africa’s other two main media companies Naspers and Caxton could immediately be reached for comment on whether they had offered to buy the assets.Naspers is snapping up acquisitions in emerging markets as it braces for competition in its core pay-TV market while Caxton, South Africa’s third biggest media firm, has plenty of cash on its balance sheet.Johncom shares jumped 7,41 per cent to 72,50 rand after the announcement.Nampa-ReutersJohncom said on Friday its board was reviewing the offer and urged shareholders to exercise caution in dealing in the group’s shares.Johncom owns 36 per cent of M-Net and rival Naspers owns the rest.No one at South Africa’s other two main media companies Naspers and Caxton could immediately be reached for comment on whether they had offered to buy the assets.Naspers is snapping up acquisitions in emerging markets as it braces for competition in its core pay-TV market while Caxton, South Africa’s third biggest media firm, has plenty of cash on its balance sheet.Johncom shares jumped 7,41 per cent to 72,50 rand after the announcement.Nampa-Reuters