Arena Media Group begins restructure

Tiso Blackstar has signed an agreement to sell its South African media, broadcasting and content businesses to Lebashe Investment Group for R1-billion.

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JOHANNESBURG - Arena Holdings is the latest media and publishing casualty of the COVID-19 lockdown.

The company, which bought over Tiso Blackstar, and has titles like the Sunday Times, Business Day and others has issued restructuring notices.

READ: COVID-19 impact on media houses

The number of affected employees hasn't been finalised, but the company says no more than 45 people will be affected.

Nearly 8,000 people are employed by the group.

The retrenchments come amid falling advertising revenues and circulation.