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Media24 pays hefty fine for corruption and cartel conduct

By BO Staff Writer

White-owned media companies have been nabbed for corruption, price-fixing and cartel conduct by the Competition Commission and are expected to pay hefty fines for the conduct. Naspers owned Media24 has admitted guilt and will pay a fine of close to R14 million for participating in price fixing and fixing of trading conditions.

There are eight other media companies that have admitted to price fixing and collusion, including DStv which paid R22 million, Caxton close to R6 million, Independent Media a little over R2 million, Provantage Media R1.1 million, Mediamark R1 million, MTV Networks Africa R966 693 and United Stations R423 921.

Naspers was established during the apartheid era as the media and propaganda wing of the brutal regime. It survived and even flourished post-apartheid and is now the biggest local company listed on the Johannesburg Stock Exchange (JSE). It’s subsidiary, Media24, publishes news publications such as News24, Fin24, Huffington Post South Africa and City Press.

The Mail and Guardian is also one of those implicated in price fixing.

“The case relates to a November 2011 investigation which found that, through the Media Credit CoOrdinators (MCC), various media companies agreed to offer similar discounts and payment terms to advertising agencies that place advertisements with MCC members,” the Commission said.

Read the Competution Commission’s full statement below:

media24-agreement-20-June-final-v2

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