Primedia's UK Merger Creates Largest
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[Johannesburg, 7 June 2000] - The UK operation of South African media group Primedia revealed yesterday that it intends to merge its digital business with its communications solutions enterprises to create the largest digital and communications business in the UK. The London-based Primedia subsidiary, Primecom, announced the plan to merge the digital side with its two communications businesses, pres.co and Foresight as part of the group's stated intention to become the leading "new media" group in the UK.
The new merged entity will have a combined projected turnover of #27-million for the year ending December of this year. Primecom Chairman Allan Watson commented that the merger will enable pres.co and Foresight to maintain their high-profile market position in the interactive cross-platform solutions market, specifically in areas such as the Internet, WAP and the development of Interactive Television platforms.
Watson revealed that this move will not only broaden the existing client base of the individual companies, but it will also group together capital resources creating opportunities for further acquisitions in Europe. Primedia CEO William Kirsh revealed too that the merger is expected to enhance the prospects for flotation of some of Primecom's assets at a later stage.
Both Foresight and pres.co have an impressive array of clients. Foresight specializes mainly in the entertainment, leisure and technology markets for Cable & Wireless, Twentieth Century Fox and Buena Vista International amongst others. pres.co takes a broader approach, working across all digital platforms for companies in the retail and financial services industries such as Marks & Spenser and Abbey National.