Zimbabwean Media and Publishing Company acquires The Harare Tribune
LONDON – 3MG Media Group a new Zimbabwean Media and Publishing Company has acquired a 50% stake in the Harare Tribune (HT) an online newspaper, according to a statement released last night by 3MG Media Group CEO Gilbert Muponda.
The CEO also revealed their intention to seek a possible stock market listing for 3MG Media.
Harare Tribune is a leading source for news from home for Zimbabwean people across the globe. The newspaper is focused on in depth coverage of political, social and economic developments in Zimbabwe.
The Harare Tribune brand will be maintained and keep an independent Editorial Policy.
The combined entity is expected in the creation of a more competitive company, providing superior value to shareholders, better choice and innovation for customers and other business partners.
Grace Mlambo who currently leads the Harare Tribune team will continue in that position .
The combination will create a more efficient company with synergies in four areas: scale economics driven by audience critical mass and increased value for advertisers; combined web designing talent to accelerate product development; operational efficiencies through elimination of redundant cost; and the ability to innovate in emerging user experiences such as online TV, video and mobile .
“The transaction will go a long way in the 3MG Media mission to simplify and revolutionise how news from Africa is delivered to the world .” Said Munamato Maisva – 3MG Media Technical and Operations Director.
“The combined assets and strong services focus of these two companies will enable 3MG Media to achieve scale economics while reaching R&D critical mass to deliver innovation breakthroughs on the African news and content market,” he added.
3MG Media and its readers and visitors together, are building on a shared heritage of redefining the way people and business brands communicate, and the related vision of enabling the creation and delivery of compelling content and experiences across multiple operating systems, devices, and media.
3MG Media is seeking to build critical mass ahead of a possible stock market listing “Acquiring Harare Tribune accelerates 3MG Media’s strategy of seeking a Stock Market Listing to raise the company profile and attract additional talent.
The United Kingdom based Coronation Financial Services has been retained as Lead Advisors to explore the possibility of listing 3MG Media on the Zimbabwe Stock Exchange or other suitable Stock Market over the next 36 months.” said 3MG CEO Gilbert Muponda.
The combined platform being created meets a broader set of customer needs than either company could address on its own.
And, through the enormous reach of other 3MG Media brands such as GMRI , Zimdaily and Zimtelegraph , we have access to a larger total addressable market and significant long-term growth opportunities — especially in emerging areas client Identity ,branding, research and delivery of high quality content.
“3MG Media continually explores opportunities that support our long-term strategy.
We are a customer-driven company and, as always, we will continue to evaluate and respond to customer demand to shape our product and service mix.” added Gilbert Muponda
The 3MG Media long-term plan is to develop a "universal client" by combining social networking, online news, classified advertising and user friendly interactive platforms such as www.Zimdailyforum.com and www.zimface.com in a single, integrated online marketing platform.
“The combination of these two great teams would enable us to rapidly deliver a broad range of reliable and wider content to our customers that neither of us would have achieved on our own.”
The Zimbabwean and African online advertising market is growing at a very fast pace which creates additional opportunities for niche based African online publishers and infrastructure owners such as 3MG Media.
The resulting benefits of scale along with the associated capital costs for advertising platform providers make this a time of industry consolidation and convergence.
The company will continue to make key management announcements as its organizational structure evolves.