[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.