Independent News Media is to sell its South African newspaper business in a deal said to be worth two billion rand ($US227.27 million).
AAP reports the buyer is Sekunjalo Independent Media Consortium.
Plans by INM to sell its South African business first surfaced in July last year, when the company appointed an investment company to advice on the sale.
Independent Newspapers is South Africa's largest English newspaper company, with more than 30 daily and weekly titles. Ten years ago the company added Zulu newspapers to its titles.
Sekunjalo Holdings chief executive Iqbal Surve told Business Day the group would consider expansion plans into Mozambique, Angola and other countries in southern Africa once the deal was finalised.
"I also see a lot of opportunity on the east coast, particularly Kenya," he said.
The deal is subject to approval by INM shareholders and competition agencies in South Africa.
