Though it is believed the allure lies in the group's main money-spinning asset - the Sunday Times - politician-turned-businessman Tokyo Sexwale's Mvelaphanda Group (Mvela) says that's only part of it. Having acquired a 25,5% controlling stake in Avusa for R1,4bn last year, Mvela CEO Yolanda Cuba says it's the media group's financial track record and structure that was hard to resist.

Avusa's subsequent split into two entities this year has raised speculation about the company's future as a significant player in the industry.

Earlier this year, shareholders approved Avusa's split into two entities - Avusa, home to all its direct media assets including 50% of BDFM (owners of the Financial Mail); and ElementOne, which has a 33,6% stake in Caxton/CTP Publishers & Printers as its only asset.

JSE rules prohibit companies from listing assets in which they have minority control. ElementOne has 12 months from the date of its listing to comply with the regulations. Says Steve Meintjes, senior analyst at Imara SP Reid: "ElementOne is trading at more than the usual investment holding company discount of 15%, which indicates value - though there is a risk that in the absence of corporate action within a year, investors could end up holding a nonlisted investment,"

It's believed Avusa will either trade the Caxton asset in ElementOne at a discount, or let it become a BEE holding.

Though media companies in general under-performed in this year's Top Companies survey, media conglomerate Naspers emerged as the best of the lot. It has maintained its position in the top 50 "giants" at number 36 and its profit remains impressive.

Making it into the top 100 as well are ElementOne at 77 and Caxton at 85, up from 89.

The former reported turnover of R5,35bn, and Caxton R4bn with a net profit of R585m.

Kagiso Media and African Media Entertainment (AME) came in at 154 and 247 respectively.

This year is expected to be a particularly tough year for the print industry, because of rising inflation and interest rates, political uncertainty, load shedding and rising printing costs.

Though print media performed better last year, attracting R11bn in revenue against 2006's R7,6bn, this year is expected to be different. The industry has woken up to the need to improve online presence.

However, it is the radio and television landscape that promises to be most exciting. Not only are the three newly licensed pay-TV providers - On Digital Media, Telkom Media and Walking on Water - expected to launch soon, Primedia now dominates the Gauteng radio waves.

This is after the competition tribunal cleared the way for Primedia - which delisted a year ago - to acquire the contested 24,9% in Kaya FM that was also sought by AME.

This means Primedia will not only own the country's most profitable radio station in the country, Highveld Stereo, but it will now be able to tap into the black middle-class market. The company also owns Talk Radio 702.