TV3 Ghana sold finally

One of Ghana’s private TV stations, TV3 has been finally sold.

In the last couple of months, ghanabusinessnews.com carried a number of stories saying that the station was up for sale at $2.8 million.

The buyers, Media General Ghana Ltd. today, March 12, 2011 announced in a press release that they have acquired 90% equity interest in TV3 Network Limited (TV3), 10% is held by Ghanaian company Winmat.

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

By this agreement Gama Media sells 111,896,057 of its shares, representing 90% 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 2011.

The deal, according to the company secretary of Media General, Mr. Abgesi Dzakpasu, who was cited in the release, the process of acquisition is expected to last for six months during which the necessary regulatory approvals are expected to be acquired.

By Emmanuel K. Dogbevi