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It’s a big Friday in the digital media space, thanks to some breaking news.
Primedia Online has announced that two of its businesses, 365 Digital and Dash Of Lime, have been sold to Mark1 Media, a digital media sales player. The deal exchanged hands for an undisclosed fee.
The decision comes after Primedia conducted “a detailed review of its existing assets and platforms as part of its annual strategy formulation process,” the company’s legal executive Geraint Crwys-Williams explains in an exclusive release sent to Memeburn.
As a result, Primedia has decided to sell some of “its interests in Primedia Online”.
So what does this mean?
Fundamentally, Dash Of Lime will be absorbed into Mark1 Media, while 365 Digital will remain a standalone company.
The former will bolster Mark1’s publishing network, by adding the likes of Gumtree to its portfolio. With 365 Digital, the company will also inherit ONE by AOL reselling rights for Southern Africa.
“I have always considered the Mark1 team a family and I am excited to welcome 365 Digital and Dash of Lime to our ever expanding family,” Mark1 MD Daan du Toit explains.
“The fact that we are in a position to acquire these two companies is a huge step for us and we are very proud of our growth. We expect Mark1 to continue to grow in leaps and bounds going forward.”
The deal is effective from 1 June 2016.