NATIONAL NEWS - The South African Competition Commission said on Friday that Media24 has admitted to price-fixing and the fixing of trading conditions and agreed to pay about R14 million in a settlement agreement with the commission.

Media24 is one of 28 media companies that were referred to the Competition Tribunal for prosecution last month to face charges that stem from an investigation conducted almost seven years ago.

In terms of the Media24 settlement agreement, the company has agreed to pay an administrative penalty amounting to R13.8 million.

The Commission said that Media24 also agreed to contribute R4.9 million to the Economic Development Fund over a three year period; provide 25 percent bonus advertising space for every rand of advertising space bought by qualifying small agencies, over three years and capped at R35 million.

The case relates to a November 2011 investigation which found that, through the media credit Coordinators (MCC), various media companies agreed to offer similar discounts and payment terms to advertising agencies that place advertisements with MCC members.

Read more on the Caxton publication, The Citizen.