South Africa`s largest media house, Naspers, is "exploring" a possible sale of its Greek and Cypriot pay-TV operator NetMed.
The company made a voluntary announcement to shareholders yesterday, stating it had initiated a formal process to explore the sale.
This followed a review of its strategic investment priorities and its focus on emerging markets.
Naspers says NetMed is Greece`s leading pay-TV operator, with its digital satellite platform Nova claiming over 340 000 subscribers.
In its 2007 annual report, the media company said the regulatory framework for the digitisation of the terrestrial networks was taking shape. This could bring the operator further opportunities, "although the timetable remains uncertain".
In the 2007 financial year, NetMed contributed R1.7 billion in revenue to the group.
American financial services group, Citigroup, has been appointed as financial adviser for the sale process.
Naspers says it has received expressions of "keen interest" from several potential investors.
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