Media24 is part of 28 media companies referred to the Tribunal for prosecution. The case relates to a November 2011 investigation which found that, through the Media Credit Co-Ordinators (MCC), various media companies agreed to offer similar discounts and payment terms to advertising agencies that place advertisements with MCC members.

In terms of the Media24 settlement agreement, the company has agreed to pay an administrative penalty amounting to R13 828 892.26 (thirteen million eight hundred and twenty eight thousand, eight hundred and ninety two rand and twenty six cents).

Further, Media24 has agreed to the following remedies:? It will contribute R4 978 401.21 (four million nine hundred and seventy eight thousand, four hundred and one rand and twenty one cents) to the Economic Development Fund over a three year period.

The company will also provide 25% bonus advertising space for every rand of advertising spacebought by qualifying small agencies, over three years and capped at R35 000 000 (thirty five millionrand) annually.

In addition, out-of-home advertising firm, Provantage Media has also admitted to price fixing and fixing of trading conditions. The company has agreed to pay R1 094 222 (one million and ninety four thousand,two hundred and twenty-two rand) as part of its settlement agreement.

The two agreements have been referred to the Tribunal for confirmation.

Statement supplied.