The Government Employees' Pension Fund is to acquire a 25 percent stake, worth about R500 million, in Independent News and Media SA. Business Day reports that the fund already owns a 19.5 percent stake in the Times Media Group, which publishes Business Day, and other major titles in competition with the Independent's titles, which include The Star and The Cape Times. Independent was recently bought by the Sekunjalo Independent Media Consortium. The state already owns 100 percent of the SABC, and is perceived to be keeping The New Age afloat through lucrative advertising deals. Pension fund spokesperson Khanya Buthelezi told the newspaper the purchase was in line with its government mandate.

Sapa