Media General Ghana takes over management of TV3 Network

Media General Ghana Ltd (MGG), a wholly Ghanaian owned company, has taken-over the management of TV3 Network Limited.

A statement copied to the Ghana News Agency Monday night said: Media General Ghana has “satisfied completely all the necessary requirements to take-over the 90% equity interest in TV3 Network limited from its former Malaysian owners.

“The final stage of the purchase agreement between Media General Ghana and Media Prima Berhad (MPB) of Malaysia was concluded on 26th August 2011.”

With this agreement, the statement said, MPB through its wholly owned subsidiary, GAMA Media International (BVI), had completely off-loaded all of its shares representing 90 per cent equity interest in TV3 to MGG.

“It is on record that, the sale of TV3 is a strategic decision by MPB to allow them to focus on their domestic operations.

“The new majority shareholders of TV3, MGG see the completion of this transaction as an opportunity to grow a world class media organization, powered by local expertise,” the statement concluded.

Source: GNA