Media General Ghana buys TV3

Accra, March 11, GNA - Media General Ghana Limited, a wholly Ghanaian owned company has acquired 90 per cent equity interest in TV3 Network Limited (TV3), the leading private commercial television station in the country.

With the equity interest, TV3 is now fully owned by Ghanaians. Ten per cent of the company is already owned by another Ghanaian firm- Winmat.

The Share Purchase Agreement between Media General Ghana and Media Prima Berhad (MPB) of Malaysia through its wholly owned subsidiary, Gama Media International (BVI) was signed on January 6 2011.

By this Agreement, Gama Media has signed a purchase agreement to sell 111,896,057 of its shares, representing 90 per cent equity interest in TV3 to Media General, for a total consideration of $2.8 million.

The divestment is expected to be completed by the third quarter of 201= 1. Winmat, a minority shareholder in TV3 waived its preferential right to acquire the shares of Gama Media International and consented to the sale of the shares to Media General. MPB has since announced that the sale was done in line with the Company's strategy to cut back on its international exposure and focus on domestic operations.

"The sale of shares in TV3 by Gama Media International BVI was a decision taken by the company to dispose of its interest in companies in Ghana including TV3."

A Director of the new owners, Dr Anthony Cudjoe, an investor and religious leader, said Media General sees the purchase as a very good business decision because TV3 has developed itself into an excellent brand since its inception 15 years ago, adding that the prospects for growing bigger are extremely good.

"Over the past 15 years TV3 has been managed successfully by a team of competent and dedicated management and staff that has made the station the number one in the country. The new owners are thus keen to keep the enormous experience and expertise that the station has, as it makes business sense."

=A0 Dr Cudjoe said the vision of Media General was to among other things, migrate TV3 Network onto the digital broadcasting platform in the shortest time possible, develop first class local programmes on the station, list the network on the Ghana Stock Exchange and ensure nationwide coverage of the network by2014.

"The company will invest a lot of resources in new equipment, facilities and staff training.

"We commend the management and staff of TV3 who have worked tirelessly to make the station the leading TV station in Ghana and assure everyone of our commitment to make the station even better," he said.

The company secretary of Media General, Mr Abgesi Dzakpasu a lawyer with Lexkudoz an Accra law firm said the process of acquisition was expected to last for six months during, which the necessary regulatory approvals are expected to be acquired. He explained that the share sale agreement was in relation to TV3 only, a wholly privately owned company. The Government of Ghana has no shares whatsoever in TV3.

Mr Dzakpasu said GAMA Film Company Limited which was a joint venture Company between Media Prima Berhad and the Government of Ghana was not part of the purchase by Media General. Media General Ghana Ltd is a limited liability company incorporated in Ghana.