2018-03-16 – Carin Smith
The Cape Town Central City Improvement District noted Media24’s revamped building, adding value to the CBD property value.
Cape Town – Media24 has agreed to pay an administrative penalty of R13.83m as settlement in a price-fixing case brought against it and 27 other media companies by the Competition Commission. The settlement follows similar penalty agreements between the commission and Caxton and CTP Publishers and Printers (R5.8m), Independent Media (R2.22m) and DStv Media Sales (R22.26m).
“This is one of the legacy media practices that survived the introduction of the Competition Act in South Africa. It is a problem because it consolidates operations of a few media houses that gang up against mainly small advertising agencies,” Competition commissioner Tembinkosi Bonakele commented earlier.
As part of the settlement, Media24 has also agreed to contribute R4.98m to the Economic Development Fund over a three-year period and provide 25% bonus advertising space for every rand of advertising space bought by qualifying small agencies over three years (capped at R35 000 000 annually).
Read more https://www.fin24.com/Tech/News/media24-agrees-to-pay-r14m-in-price-fixing-settlement-20180316