Media24 pays millions in cartel conduct settlement

File: Media24 admitted to price-fixing and fixing of trade conditions, and has entered into a settlement agreed with the Competition Commission. Photo: Pixabay

JOHANNESBURG - Media24 has agreed to pay a R14-million admission of guilt settlement, for price-fixing and fixing of trade conditions.

The media giant is one of 28 media companies that were referred to the Competition Commission Tribunal for prosecution

It follows a 2011 investigation which found the companies agreed to offer similar discounts and payment terms to ad agencies that placed advertisements with members of the Media Credit Co-Ordinators (MCC).

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MCC-accredited agencies were offered a 16.5 percent discount, while non-members were offered 15 percent.

Other companies that have come to settlement agreements with the Commission are Caxton & CTP Publishers, which paid about R5.8-million, Independent Media, which pay R2.2-million, and DStv Media Sales which paid R22.2-million). 

The Tribunal is considering prosecuting the other companies, who could be fined up to 10 percent of their annual turnover if found guilty of collusion. 

 

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