That's show business
34% annual compound growth - that gets everybody listening
Ethos Fund III has sold its majority stake in Western Cape radio station Kfm to a consortium comprising Nail subsidiary New Africa Media Holdings (NAM) and Western Cape empowerment group Broadcape Investments. NAM has acquired 70% of the s tat ion, with Broadcape inc releasing its share holding from 1 0% to 30%
The privatisation of six regional radio stations owned by the South African Broadcasting Corporation (SABC) during 1996 provided Ethos with the perfect opportunity to enter the broadcasting industry. Ethos had been targeting radio stations with the foresight that regional roadcasters had great potential to grow in the wake of restructuring that was taking place in the industry. The Ethos led consortium comprised Ethos, management, and empowerment partners IPG Radio, Broadcape, and Brimstone Investment Corporation.
Ethos partner Danie Jordaan says: "We chose to invest in Kfm because it was one of the fastest growing radio stations in the SABC stable and showed potential for further growth".
Lewis Skweyiya from IPG Radio was appointed non-executive chairman and says the three empowerment partners Brimstone Investment Corporation, Broadcape and IPG embody the perfect mix of social demographic representation, skills and industry knowledge.